I had an LE suit from the days before their Canvas line. It needed about $80 worth of tailoring, but I actually ended up with a pretty nice, well-constructed and durable as hell suit. The blazer you're looking at is from the Canvas line so it might even have a decent fit out of the box.
Also recommend you check out L.L.Bean Signature's suiting. It's similarly well made for the price -- Wool tropic weight available in navy.