3 gallon pot big enough?

I have an All Clad SS pasta pot I was planning on using but did a trial fill yesterday and it only has about 1" of room when filled with 3 gallons.

I don't really know how much foam I will get with my Extra Pale Ale. Should I reduce to 2.5 gallons when making my wort or go ahead and use my Aluminum Turkey fryer that I can easily fill to 3 gallons?

With a 3 gallon pot, I would probably plan on boiling 2 gallons or less. You need some room, even if you don't get much in the way of foaming. Many people recommend those foam control drops, which sounds like it may work for you. If you have a bigger pot, I'd recommend using it, though. You can easily boil whatever size you want in the turkey fryer.

+1 on don't try for 3gallons.

If you've got a fryer... Use it for a batch or 2...you're only a hops Skip and a jump from AG.

Since I will be going with the turkey fryer, should I make a 5 gallon batch and adjust the ingredients accordingly?

Pros:
1. All water gets contact with ingredients during boil
2. More economical - less ingredients?

Cons:
1. heavier to deal with
2. More wort to cool rapidly

Others?

Are you working from a kit or a recipe? The biggest issue with full boil volumes (as I've painfully experienced) is over usage of hops. The lighter gravity of the boil is more efficient at extracting the bittering compounds of the hop, and you need to adjust accordingly.

Yes, You need to be sure you can deal with 5 gallons of boiling water... you could end up in the hospital over that one.
The only ingredient you'll need less of is the hop.
Cooling is definitely and issue that needs to be dealt with.
If you've got a kit....use the volume they sugguest, just do it in your fryer.

It is Extra Pale Ale - Extract Kit from Northernbrewery
OG: 1045 / Ready: 6 weeks

Extra Pale Ale Extract Kit -- Kit Inventory Sheet

Ok...Follow the directions on this one.
I believe Northern Brewer kits call for a 2 gallon boil, which you can do in your small pot, but BE CAREFUL of boil over! You WILL boil over when it first starts and when you add hops if you are not there to control it.
If it's calling for a 3 gallon boil, use your fryer pot.