Cold Lay Tarmac / Macadam

Having removed a concrete Shed Base which was proud of the surrounding yard, I was looking to get the 2 x 1 m area tarmaced to match the surrounding area. However the quotes for hot tarmac of just under £500 have put me off this approach ! Using bagged Cold Lay tarmac Macadam a seems cheap alternative; is this suitable ? It will have foot traffic and the occasional vehicle wheel over it. The surrounding area is a mixture of slate, tarmac and poor concrete so a pristine cosmetic result is not required. Is there an optimal thickness to use, I can adjust the level of the hardcore and broken concrete remaining.