OoOver, You'll need some bigger weights for that bench and a bar to really get the most out of it (it does not come with weights does it?). The dumbells would be ok for a while but they won't be nearly enough to use on the bench for most things.
I'd be tempted to get a really simple bench with nothing extra, buy some decent dumbells a bar and weights and just do that, would take up less room and I personally think you can do as many if not more exercises without having to worry about bits of metal sticking out the bench getting in the way.
I'm by no means an expert, only started going to the Gym 4months ago but I'd never mange to train the same at home as I'm able to in the gym, also the amount of different exercises you're able to do I'd never have worked out on my own, watching how other people do things makes a huge difference.