Steve-
The Ilex #5 is not super precise, but they're amazingly precise for how they were made. If you get one in good tune, most shutter speeds will be within a few hundredths of advertised, although it is likely that one or two of your faster speeds may be essentially the same (I have one where my 1/25th and my 1/10th are effectively both 1/10th). There are limits to the size of lens you can mount in a #5- I think the diameter is about 78-82mm. If your DIY lens is thicker than that, you'll need to stick with the Packard. Also, depending on the design of your DIY lens, the diaphragm in the Ilex won't do you much good, as you need the iris to be near the optical center of the lens. If you can mount all the cells behind the lens, or half in front and half behind, you may be able to use the built-in iris.