Bill, I have never looked at that program so have no idea what it can and cannot do. There are several consumer level editing programs available that do quite a bit. Unless you want to get into good audio mixing or special effects you really don't need the high end software.
If PD5 doesn't work well for you I would suggest you download a try before you buy program from one of the better outfits such as Vegas, Adobe, Avid, Pinnicle, ULead, etc. They all run under $100. With these the advantage is that if you ever want to move up to a higher end program they offer good ones that you will already have learned the basics on.
I've tried all the ones mentioned and I think for a consumer program Sonic/Roxio 8 is hands down better as far as what it can do, the codecs it uses, and user friendliness. The downside is they do not make a pro version you can upgrade to down the road.
I settled on high end Vegas programs a couple years ago. Does it all and the best bundled in audio controls.
Weez, iMovie should do everything you need. With a Mac you are pretty limited. If it doesn't work for you try Final Cut.
Let's see. Two guys living in God's country with video equipment. How soon can we expect to start seeing some footage from out there?