Your calculation seems right to me. It would be 400 steps for a complete revolution and one complete revolution moves you 5mm so then 80 steps per mm seems right to me.
BTW - I have 425's on my X/Y on a Bf-25 clone and with ball screws they will power right through cuts that you shouldn't take. My spindle motor will run out of juice before the steppers will fail to move the tool so I doubt you are under-powered. It does mean a bit less reserve and not as high a top speed. The Z axis I think I would prefer to have something more on though. Really the key to getting my 425's to perform was to give them as much voltage and current as they can take.
Mine are HobbyCNC 425's though so they have a little less inductance than Keling's offering in that size so they need less voltage to hold the same speeds in rapids. Anyway, I think your X/Y will do just fine on what you have. Probably the Z too since it's geared down. I would think about going with 1/2 step on Z too. Steppers on full step run very rough and I've found them to be easier to stall full step than half step.
CNC: Making incorrect parts and breaking stuff, faster and with greater precision.