This particular tree is neither a good nor bad choice. It depends on what you want from it.
Bald cypress is valued for its trunk buttressing,
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which your tree doesn't have and won't have if kept in a container. That impressive buttressing at the soil level (not knees) is mostly why this species is great for bonsai. The other attraction for BC is that they are pretty hard to kill.
With that in mind, are you looking to create a tree for the attractive roots, or just keep this as is? As is , it's kind of, well, boring. Straight trunk with no taper, no interest at the roots, no cohesive branching...all that can be changed, obviously, but it will take time.
That time will be a few years planted out in your yard. BC will grow extremely fast and can develop impressive root bases in a few years if left alone in the landscape to simply grow. After the trunk and root buttress have reached a decent size for bonsai, BC are lopped to a foot or two and dug up (roots can be SEVERELY pruned, as in 95 percent removed) at collection. The next few years are spent growing out a new leader and then moving on to branch development.
The BC in the pot pictured below was collected last Feb. from a La. swamp (by Zach Smith at Bonsai South). It was originally about 30 feet tall. It's now a foot and a half...)
BTW, skip the Leyland cypress. They're not worth any effort and are crappy material for both landscape and bonsai. They are only adequate for a fast-growing screen from roads, neighbors, etc.
