It's on the small side, but at a 4 7/8" repeat, it's certainly doable. Some like the look of bigger setts, but smaller ones give you more options. You could do really shallow pleats, or really deep pleats by 'doubling' the return [if you follow - not really doubling exactly].

It looks nice, and at $10 for a worsted wool... see if you can find out the fabric weight before you commit.