Except for the 5-wood, your set configuration and yardages are pretty much identical to mine before I went from four wedges to three (I had a 3-wood). I originally made an uninformed decision and bought the matching AW and SW, so starting with the 9-iron, my lofts were 43/47/51/55/60. Since I never used the AW and didn't like the clunky look and feel of it and the SW, I got rid of them and decided to put the 3-iron in the bag. What I ended up doing was getting Vokeys (54 and 60) and bending the PW one degree weak, so my lofts are now 43/48/54/60. When I find myself with 122 yards or so, I just choke up a little on the PW. Problem solved. The 3-iron really comes in handy on short par 4s and even tight par 5s that aren't reachable. You could do something like this with your set. Regarding the other questions, I would replace your 5-wood with a 3-wood and get matching wedges. Best of luck, and please let us know what you end up doing.