You can't go wrong with the program.
I'm going to give you some different advice on the weight to start with, especially being you are new to the gym.
If you were to find your maxes you would need to subtract a lot more that a couple pounds to start off with or you'd stall out almost immediately.
The first thing is your 5 rep max will only tell you so much. Because it is 3x5 sets accross. The weight you can do on the 3x5 is going to be lower than you can do for a max set of 5. Could be much lower. Maybe 30 pounds. But guess what? You really don't know because it's hard for anyone to know exactly and especially someone new to the game. Plus your maxes will be changing on a daily basis and things will be changing much more quckly now than they ever will again.
And it won't matter in the long run. Just pick light and relatively easy weights. If they seem too easy at first don't worry. At this point it won't matter (later on on more advanced programs it will matter more). Just use the light comfortable weights and build on it ever how long it takes. And turst me things will get heavy really fast...look at how often you're loading the bar.
Something I think everyone needs to keep in mind when people come on and say they are new to it. The exercises may be completely new to them. This is a strength routine but the first thing they need to do is LEARN the movements. Granted they are not like learning the olympic lifts but the first rule of learning is LIGHT weights. When you are learning correct movement patterns it shouldn't even feel heavy let alone be heavy by definition.
Another reason is that people just beginning are going to be getting a whole lot stronger VERY fast. Most of this is going to be because of neural gains. Problem is that it is likely that the tendons and whatnot may not be able to strengthen and recover as quickly as this newfound intenstiy comes about. It's not guaranteed to be a problem by any means but if you put all this together it is a good reason for the novice to start out his new marriage to iron with a honeymoon period
And a cutting a few pounds off the max or even 10 to 15% is too much for this.
There is no disadvantage to going with a weight that is lighter. But if you screw up and go with something too heavy that is going to affect your overall progression bigtime.
Add as much to the bar each workout as you can progress on. That may be 10 pounds for deads and 5 pounds for squats. You can lower the weight increments when progression becomes too difficult on any given exercies. Don't ever stop this program until you simply cannot progress this way anymore no matter what you do. There are plenty of journals on this right now so check out the journal section.