This would be my suggestion. If this engine originally took five quarts, and this pan is the only difference, I would run only 7 quarts. The only concern should be 'will the pick up be covered at all times?'

I don't trust the dip sticks when they are with the engine. Example, my Ranger takes 4 1/2 quarts (it's a 3.0L V-6). When putting in exactly those 4 1/2 quarts, the oil level is in the middle of the add to full line. I do not add to the full line. Dip sticks, like any other piece on a mass produced vehicle, are made within tolerences and will vary.

If you had a five quart pan and installed a seven quart pan, put no more than seven quarts. Check where your level is on the stick and this should be the 'full' mark.