The 50/50 bulb is fine. The actinic will give you a good balance of color in your plants and fish. And as far as benefits go, that is still in controversy, though many have already reported on the difference in plant growth habit while using actinics.
In your 5 gallon tank, I will suggest small crypts, dwarf lobelia cardinalis, and your choice of several different mosses.
For fish, there are sparkling gouramis, red badis badis, pygmy cories, and several types of shrimp.
For substrate, you can use anything from plain sand to ADA substrate. I have a 2.5 gallon that I converted from saltwater to freshwater. I kept the original white marine sand, and I have plants growing fine in that tank.