Any mesh bag will do, but from what I've read, Wilserbrew and one other place I can't remember off the top of my head, make some REALLY nice, durable ones. The NB bag is probably fine to dip your toes in, but that kind of bag won't fit as well, or last as long.
One feature I've seen that I'd like is the rounded, or conical bottom. This causes the wort to drain to the center of the bag, rather than off one edge.
If you are just wanting to go cheap the first time or two, get one of those cheap bags like NB or go to a paint store and buy a 5-gallon paint strainer bag.
There are two basic methods of BIAB; Full Volume Mash, where you add the whole grain bill and water bill together and mash. Your 5 gallon bag might not fit all of that, and you have to make sure your Mash Tun will hold that much. The other is a sparge of some sort, where you mash with how much your Mash Tun can hold, then dunk your grains in a second vessel to help rinse off the sugars. This may be necessary if your mash tun isn't big enough. (Some people pour sparge water over their grain bag after puling it up, but I think this would cause most of the sparge water to run down the outsides, since that the path of least resistance.)
Honestly, I think you may find BIAB so easy and convenient that you might stick with it. I know several brewers who have good luck with their BIAB and have no plans to change. If so, then definitely buy a high quality bag from online to fit your mash tun. I'm even thinking about buying one or two for those times I do BIAB instead of using my 3-vessel system (Usually smaller batches, which I am doing more of since getting some 2.5 gallon kegs.)
A pulley is pretty cheap and handy. A ratchet pulley sounds like a great device to have! Some of the guys I know use a ladder and pulley, or just whatever happens to be handy, like the garage door track or what-have-you. I'm designing a single tier BIAB rig made to collapse a bit for travel, with a single lift arm to pick up the bag. Google BIAB rig and you will see a few very much like what I am planning. (I don't really need it, but I do need to get rid of some of my excess scrap steel, so I think this winter I will bust out the welder and put something together for me or a friend.)
BIAB is really an good way to go for many people. I don't think I'm giving up my 3-vessel system, but my BIAB batches have turned out as good as anything else as far as I can tell.