Rather than do a 72T, just convert the amount you'll need 5 years from now from the IRA to the Roth. Then you can remove it from the Roth if you need it 5 years after the conversion, tax and penalty free.
I think that this is a better plan than 72T's for anybody who has 5 years of expenses covered in their taxable account. For the first 5 years, live of your taxable while you move 1 years expense to your Roth each year. At the 5 year mark, you take your first years conversion and pull it out of the Roth Tax/Penalty free, and convert another year into your Roth:
So if you need 30K to live on for each year you would do:
1 -> take 30K out of taxable, convert 30K from IRA to Roth.
2 -> take 30K out of taxable, convert 30K from IRA to Roth.
..
5 -> take 30K out of taxable, convert 30K from IRA to Roth.
6 -> take 30K out of Roth, convert 30K from IRA to Roth.
I would bump the conversions of 30K to be the maximum you can convert to trigger the least amount of taxes. (stay in the lowest tax bracket). Using this method gives you all the benefits of a 72T, but then you don't lock yourself into a 72T.
The two downsides I've been able to find over doing this vs. 72T is that some states tax conversions, but not 72T's, and you are paying taxes 5 years before you use the money. But for 30K I doubt either of those will be a problem.
Now if you were doing a 72T vs. Roth conversion for 120K or more, then it might pay to research that issue more.
Laters,
-d.