What I do is use muffler pads on my drums. They reduce the volume a lot but dont effect the feel of the drums much, although the sound is pretty different.
I also have a practice pad. The major downside to that is that it you can't play it with your feet! So it can be good for doing basic rudiments but really even for those you want to get the feet involved to make them more interesting.
I've just looked at the pad thing you were thinking about getting and I'd recommend ditching the technology/noise making side and going for a good quality pad which is totally quiet - it'll have a more realistic feel which is important for practicing things like double strokes.
To quieten the bass drum I tape a towel/old t-shirt/whatever to it at the point where the beater hits. My drum teacher doesn't approve but I dont find any problems swapping back to a normal setup - you can just adjust the pedal's beater start position back a little to compensate for the head effectively sticking out a couple of inches.
I also sometimes play with old towels on the cymbals, although that has a tendency for the edge of the cymbal + stick to cut through the towels! That also can get in the way more.
I'd also say just embrace the noise a little bit aswell! You need to practice loud at least some of the time otherwise you can't hear what you sound like. You should just play at reasonable times (I always cut off by 9pm) and be respectful of your neighbours.
You can also do things like put a duvet between your kit and the wall and think about what wall of the house you put your kit near/against. I'm in a back to back terrace (with three other houses physically joined on) so I think for me it's best to stick it next to the wall that doesn't have neighbours.
Personally I find the electronic kits feel and sound very strange, although I'm sure you get used to them.
My drum teacher has her kits set up in her cellar and has sound proofed the room.