The only limits are related to the points and availability. Unless you're looking at truly off season, like early Dec or Jan to mid Feb, getting 5 studios there might be nearly impossible given the few there are. I'd likely go with two 2 BR plus a studio, more room and more likely to get what you need. If you prefer the studios only, you might consider the 2 BR and WL the studio if need be.
Likely? Not unless you own there. You are looking at booking 25% of the studios at the resort. Like Dean said, it might be possible in December or January, but don't get your hopes up.
You can not book 5 studios in your name, you have to use 5 different name to book 5 studios. At least this was I got from MS when I had 2 bookings in same resort at the same time.