Will This Squat Rack Work?

I have a bench press set at my house and it has olympic weights, but the bars are too close together and its a POS basically. Anyways, I want to be able to do incline,decline/flat bench.

If I were to buy a squat rack like the one below would I be able to do bench on this?

http://stlouis.craigslist.org/spo/2810401434.html

Assuming I were to purchase a bench that was able to decline/flat/incline

or should i look for something else.

you should be fine, you just won’t have safety bars.