That's a 135mm seat, relatively narrow. (130 and less is very narrow.) Pain where you mentioned does sound like the seat is too wide and/or too hard. Usually too narrow and/or too soft hurts between the sit bones. Plus if you're 5'5" I would think average men's sitbone width would be in the 130-135mm range.
Also, it does have a huge cutout and if I found the right pics of your existing seat, that is a big change and in my experience more likely to be a good thing than not.
Silly question, but I assume you are wearing padded cycling shorts?