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... as the lens says "0.42x" it converts 28 to 11.76mm. it should convert 35mm (fz5) to around 14,7mm. if it works, this should be enough - not full circular, but with the edges at least visible ...
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Hi,
I am quite sure it will work fine with fz5. i don't own fz5 but an old fz10, an i have use different wide converter like HAMA HR5 0,5x, Minolta ZCW100 0,75x and currently Raynox 6600 0,6x. Common design with these converter are that the rear lens element is not protruding beyond the converter rear thread. With the included filter ring it should fit to fz5 adapter.
Personally, i don't care what brand the converter is stamped with, and since everyone have different 'taste' for image 'flavour', issues like vignetting, light fall off, softness, CA, p. fringing, flare, etc. is might as well seen differently.
But 85Euro for that converter is i think quite EXPENSIVE, i've catch that HR5 for 20E, ZCW100 for 40E and Raynox6600 for 60E on eBay

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Btw, lomo 'mindset' is based around film and spontaneous capture, it might have designed to capture as wide as possible, not as accurate as possible. Personally, if it's much cheaper, i will definitely get one (if not thinking about film workflow & cost, i will buy that 40E fisheye camera promptly).
Maybe you could try eBay, or buy it new & if you don't like it, sent it to eBay
Lastly, If you bought one, please do sent the pics you capture with it...
have fun!