Hi Andy
that would work just fine
VW dont sell the parts as a kit for the mk5, only for the mk6 (althought they are exaclty the same barring a slight colour change of the plastic and an increase in the armrest lid length)
that one in the photo looks like the MDI/CD/Ipod dock version, which just means there is a space under the armrest for one of those units, hard to tell for sure as no picture of the inside.
it is missing two parts from the cupholder at the back - one of which you cannot buy on its own, so you would need a new cupholder - you can get them cheaply on ebay from China (£20-27) and they are the same quality as over here.
there are guides on the internet the show part numbers and the how-to guide - its pretty straight forward
