40" is the standard hose length for an octo in the traditional recreational scuba rig (right?). I'm pretty sure it's what we had when I went through Open Water training. It seems adequately long, to me, for passing to a buddy to use. If I adhere to my training for an air sharing situation, I will have one hand holding my buddy's harness while we're sharing air. Thus, I don't see why, if you reconfigure so that the 40" hose is your primary and also (still) the one you would donate, it would suddenly be not long enough.
Thus, I use and like a 40" hose with a 70 degree angle adapter on my primary reg, which is also what I would donate. And then my secondary reg on a short hose to a bungee necklace.
If I were diving in an overhead environment, where my buddy is sharing air and might have to follow (or precede) me through a restriction (e.g. a doorway on a wreck), then I would want the 7' hose. 5' would not be long enough.
To me, the 5' hose option is just extra length for no purpose. And extra length just means slightly less streamlining and slightly more risk of catching it on something.
In the interest of complete disclosure, I have been diving less than a year and have 30 dives. So, take my thoughts for what they are worth.