Hello there, Yes that is a very good mod to use. I would highly recommend you take a look at this mod list.
http://www.subsim.com/radioroom/showthread.php?t=192374
I based my mod soup based on the list on that page although I picked and chose which ones I wanted. I would also strongly recommend that you read through THEBERBSTERS mega thread on the top of these forums. It contains invaluable info that is not to be ignored. Keep in mind this all depends on whether or not you got the game on steam or somewhere else.
Here's what my mod list looks like to give you a idea.
Generic Mod Enabler - v2.6.0.157
[F:\Silent Hunter 5\MODS]
Accurate German Flags
DynEnv v2.9 - 1. Main Mod
DynEnv v2.9 - 3.a Enhanced Visibility (medium)
DynEnv v2.9 - 6. Sleet for Winter Campaigns
DynEnv v2.9 - 8.c Wave Mechanics - Hurricane
DynEnv v2.9 - 10.II Seafloor (medium resolution)
DynEnv v2.9 - 11.a.II Sea Plants - Atlantic Kelp Forests (medium resolution)
DynEnv v2.9 - 12. Sounds
DynEnv v2.9 - No Underwater Impurity Patch
sobers best ever fog V31 SH5
sobers base sky mechanics V1
Water reflections intensity varied by available sunlight by TheDarkWraith
sobers smoke screen V1 SH5 (DynEnv compatible)
sobers storm Clouds v2 SH5
SH5_7A_Conning_Fix
Equipment_Upgrades_Fix_v1_4_byTheBeast
Equipment_Upgrades_Fix_v1_4_Patch_1
#Equipment_Upgrades_Fix_v1_4_Patch_1_HotFix
Equipment_Upgrades_Fix_v1_4_Patch_1 (available by date) V9 by sober
EUF_UBoat_FX_v0_0_3_ byTheBeast
MightyFine Crew Mod 1.2.1 Stock faces
MCCD_1.04_MFCM_1.2.1_compatible
Speech fixes and additions (german version)
FX_Update_0_0_22_ByTheDarkWraith
FX_Update_0_0_22_Torpedoes (modified for torpedoes failure patches)
NewUIs_TDC_7_5_0_ByTheDarkWraith
NewUIs_TDC_7_5_0_No_Snorkel_Exhaust_Smoke
Large Optics for TDW UI
Large Optics for NewUIs_TDC_7_5_0_Test 17 Patch
Large Optics for TDW UI 16 by 9
Sjizzle's - Charts for NewUIs part1_07.06.2013
Sjizzle's - Charts for NewUIs part 2_07.06.2013
Sjizzle's - MarineQuadrat Charts for NewUIs v. 0.00.2
Equip_Upgrade_Dates_Chart
R.E.M_by_Xrundel_TheBeast_1.2
R.E.M_by_Xrundel_TheBeast_1.2 - no hyd on surface - NewUIs-IRAI compatible
OPEN HORIZONS II v2.5
OH II v2.5 Flag_Wind_Patch
OH II v2.5 Grid Request fix Patch SH5
sobers shipwreck mod V8 SH5
MQK Gradient_IO
MQK LocationMaps_IO
MQK ShapeTextures_NO
sobers Lights Cfg V10 SH5
Shadow Improvement ModLR
sobers less resources shadows SH5
Moon_light_mod V6 SH5
one ship, one torpedo v1.00