I use two D5500s for B&W multigrade printing. The standard Ilford chart of M & Y densities works well for their paper. I made my own chart for Forte paper.
The trick when using the 'Translator Controller' is to put it into 'program' mode. Then you just set the Y and M (by typing into the keypad) and it behaves in a normal fashion, and the readout shows you the exact filtration.
When the controller is in its 'standard' printing mode, the displays will just show "00" or any differences from your programmed standard color pack. I did try putting various Y & M combinations in its memory but that was too cumbersome. Best to just do as above.
I think you can also program one of the memory locations to a 'standard color pack' of "00", "00", "00" then the 'differences' will show up in the display as your actual values when it is in its 'standard' printing mode.
Of course, if you have the smaller controller, it is very straight forward to use (again, just type the filtration into the keypad).
4x5 coverage is fine. I do all my 4x5 printing on the D5500, rather than on my 8x10.
I have used 2 of these for about 8 years and know them inside and out. You can PM me if you have questions.
BTW, Ansel Adams' B&W negatives are printed with a D5500:
http://www.anseladams.com/content/care_collecting/SEP_processing_methods.html