You should be fine with the 5V, as per your own logic there.

And if the CF card has the zillion-pin female connector on it, it's IDE compatible.

Should be fine.. BUT.. life expectancy will depend some on how much writing is done to disk (the CF card) by the operating system and applications it runs.

A true SSD should outlive the CF card, and maintain its fast speeds longer.

If you want to try a "true SSD", then there are lots of PATA compatible ones available (Amazon, eBay). They don't work in empegs, but will probably work in a fully fledged PC. That DOM you linked is an option, though it seems slow, and you might want to research its endurance rating.

Cheers