You're not going to notice any difference in a street engine, particularly in a K5. The advantage comes at high engine speeds, and only in a well built and tuned motor. Would Muddinmanny see a slight difference? Perhaps, but I don't think many of the members on here are running a combo as potent as his. If you have a well-built dyno tuned engine running above 6K you may see a couple HP. For the average joe who has a relatively mild engine and who doesn't spin a lot of R's, it's going to be a waste.
The 4/7 swap is more about engine smoothness and intake manifold/ cyl. head flow air pulses than anything. It was originally done by drag racers.
If you're building a 10 second car or something similar, and it is properly tuned, you may see a small benefit. For 99% of all of the other engines out there, it's going to be of no benefit.
Unless you're a racer looking for every last tenth, you're not going to need to mess with it.