I think the wording of 220.87 does not allow for using 5 minute intervals, instead of 15 minute intervals.  But I would not call the 5 minute sample a violation.  Nor would I call it "better."  Suppose that during one 15 minute period there is a very large demand that lasts for about 2 minutes.  If you average that peak with the remainder of the 15 minute period, you get a smaller number.  But if you instead averaged it with the remainder of a 5 minute period, the results would be a higher average.  That would give you an overall higher value for "existing loads," when you look at the entire 30 day window.  That is a more conservative value, and therefore would not make the next installation "less safe."  But it may prevent you from adding load to a building that, in fact, does have enough spare capacity to handle the added load.