Not exactly. My reading of this:
is that the card is compatible with a 16/32 bit slot, but not a 16 bit slot.
ie, Cardbus 32 bit slots are required to be backwards compatible with PC Card / PCMCIA 16 bit cards, so the slot can reasonably be described as a 16/32 bit slot, but that doesn't necessarily mean the card is 16 bit.
Make sense?
UDMA is a function of the CF card. The adapter is just a straight-through pin to pin adapter, with no logic.
At this stage I would suggest booting from an external SCSI device and checking out what all is in fact good on that 5300.