Mike,
5 gpm is the minimum preferred for household use in my book. Many make do on less. Generally, with enough reserve depth below the water source it should work fine. Now if you start irrigation at over 3 or 4 gallons per minute, plus the house it could get rather tight. Most hoses, faucets, etc. put out something on the order of say 3-4 gpm at 35 to 40 psi. So theoretically, you can turn a single device on and run around the clock and not lower the water level in that well. You have well over 5,000 gallons to waste in a 24 hour period, after all household use. That 1500 gallon holding tank may not be required if you can moderate the flow rate to say 2 gpm or less on the irrigation. I would have a large primary house storage tank though, to keep the pump on/off frequency down.
I don't recall the reserve gallons per ft. of depth but you can look that up for various size (diameter) wells. Usually 6" here. You have to take the total well depth, deduct the pump depth off the bottom, and deduct the distance from the top of the well to the top of the water column. That gives you the net standing reserve water column height. Then apply the column height to the volume per foot of water, for your well diameter. That will give you the minimum total gallons of reserve.
Make sure they did at least a (4) hour pump test. Most areas require a 4-6 hour test. I wouldn't be to concerned about 5 gpm. Sure 15 would be better, but in Maryland I'm guessing 7 to 9 gpm is average. In my County you need 1 GPM and a 500 gallon reserve as the technical minimums. They are inadequate for any real irrigation though.
HTH