Ah, I think I misread the question. It doesn't look like you are asking about autoguiding, just a tracking mount?
In that case, yes an HEQ5 would suffice with an ED80 and a DSLR. You will need to get your polar alignment spot-on, but you should get great images with 5 min subs from that setup once you have gotten your head around it.
That will track and give good results, you could then add autoguiding later at extra expense, or guide manually. i.e. the mount tracks for you, but you apply corrections to the tracking by using the hand controller to apply minor corrections while imaging.
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