A 5V MPG won't be able to drive the inputs on that BOB directly. The inputs on those BOBs are rated at 12-24V.

If you could find a datasheet for the optos on the board, you'll probably find you could change or even bypass the series resistors on the board, so they'll work on 5V, however it would depend on the current needed to drive the optos, and how much current the MPG can deliver.