sorry if this is lame wrote:
A footpad is going to be accurate with treadmill incline?
It will give you an accurate pace and distance, yes. Of course that is pace and distance on the treadmill, not outside. Incline is incline, just like outside. I would not attempt to equate incline with the flat; whilst it may be possible to attempt a conversion metabolically, the mechanics are different, and there is no guarantee that you will be able to actually be able to run on the flat at the metabolically predicted pace. As many others have written, I would definitely not use 5% as standard; personally I use 0% as standard.
You will be searching in vain for a conversion between treadmill and ordinary running that holds in general, there are myriad factors involved. As discussed, calibrating against yourself regularly is the only reliable way to do it. Of course, if you progress in your treadmill running, you can expect a progression in your ordinary running as well.