I almost purchased that cooler myself. The depth required for the grain bed depends on your sparging method. For 5 gallon batches, the grain bed is too shallow for flysparging. If I remember right, the average depth of the grainbed will be less than the recommended 4 inches.
If you are only going to batch sparge, the depth of the grain bed is not nearly as important, and I think that the cooler will work out just fine for you.
Everyone agree?