Welcome to the boat mate.
The mod you linked to will work with V1.5. It's good mod, I use it.
Use the version without Websters Maneuvering Mod.
Install with JSGME, here;
http://www.subsim.com/radioroom/showthread.php?t=204594
Websters mod changes the acceleration of the ships, slows them down some no more instant 16 knot speeds. It works as good as the game will allow.
Here is a link to the mod.
http://www.subsim.com/radioroom/showthread.php?t=150164.
Magic