OK I received a 5" display similar to the one from your link, and it's basically working fine.
But man, that LCD looks so awful. I'm surprised that this low display quality is still around these days. Ghosting effects worse than the old GT and LT screens, and viewing angles from hell. By far not as good than an authentic LT screen.
Can you tell if the 40-pin LCD plug is fully compatible with an IPS panel like
this one? In that case I would use just the new cvideo controller with a decent panel.
EDIT: I've ordered an IPS 500 panel similar to that one from my aliexpress link. I hope it works with the cheap composite driver PCB.