Saturday will be my first time running the 1/4 with a 5-speed. Does anyone have any advice on how to launch and some good shift points? And what are some guess's of my E/T's with my current setup?

 

Your launch will depend heavily on what gears you have. 3.23's will allow you to get moving much easier than 2.73's. You'll probably have to try a few different methods, but a good starting point would be 2000 RPMs and adjust from there to find the point where it doesn't bog from too few RPMs and doesn't spin the tires from too many.

4800 is a good shift point for an LG4. They just die above that.

I hope that helps. This is completely off the cuff, since I don't have the M5. Well, I can say with certainty that an unmodified LG4 doesn't benefit from RPMs above 5000, but other than that, I only responded because no one else did.

 

ditto above, may be play with shift points once you can launch well