Christi, I've always been under the impression that the confined water "dives" are not limited to three per day. That is, the CW portion of the PADI OW course is separated into five sections, but not necessarily five "dives".
I've seen the OW course handled in a busy weekend within standards. The schedule looks like this:
After students complete the online portion...
Saturday morning: review online portion, swim test, float test, Confined Water 1, 2, 3,
Saturday afternoon: OW Dives 1, 2
Sunday morning: Confined Water 4, 5
Sunday afternoon: OW Dives 3, 4
It can work... if everything goes according to plan.