Yes, the 5 bolt bellhousing uses a narrow Toploader pattern. It's not an issue of close vs wide ratio, it's an issue of the bolt pattern. If you get a narrow pattern Toploader (HEH-G, if I recall correctly), then you'll have no trouble bolting it up at all and everything will go together fine. If you get a wider later-year Toploader that wasn't originally bolted up to a 5-bolt motor, you may have an issue with the bellhousing. You might just be able to drill it out to fit the wider Toploader bolt pattern, but I seem to remember that the flange on that bellhousing isn't wide enough to let you drill it out the wider pattern.
I have a 5-bolt drivetrain in my car. At one point in time I needed to swap out motors and put in a 6-bolt with a 6-bolt bellhousing, which I then had to machine with the narrow pattern for the narrow pattern Toploader. Then it wanted a different bearing retainer, different clutch fork, etc. etc. I think doing it in reverse (5-bolt motor and bell with later Toploader) might be easier but that's entirely contingent on if you can machine the bellhousing to accept the wider mounting pattern.
Here's the 6-bolt bell I was using machined with both the wide and the narrow pattern, for your reference - so you might want to take a look at your bell and see if it has enough material on the upper flange to move the bolt holes a few inches outboard.
Of course, if you can find a narrow pattern early Toploader, then you won't have any problems and it'll all go together fine.
This page has a lot of really useful information:
Ford Transmissions
And this page tells you which tag numbers have the narrow bolt pattern or not:
Toploader id