I think even if I had all the hay equipment I needed sitting in the yard, I would not waste my time baling 5 acres. But contemplating buying hay equipment on top of only having 5 acres to cut, I would pass.
There is hay equipment out there designed to run off of small SCUT and CUT's, I was given a few links when I was looking to mow and hay ~15 acres. The prices are a real eye opener.
Mini Hay Balers and Compact Hay Balers | Small Farm Innovators
Tractor Tools DirectHaymaking and pine straw baling equipment for compact tractors. Drum Mowers - Belt Rakes - Mini Round Balers
And for square bales, where was this thing when I was a kid:
Rocky Mountain Bale Sweep | Home
Even keeping the tractor you have, I can't see you "breaking even" on hay for many years.
We still may get into it ourselves, but we're looking at a few 40+ acre places right now. Even then, it's going to be a money loser for several years I think.