Can I let battery drain longer than 5 hours as part of power calibration when replacing the battery

You should not be letting the battery sit completely drained at 0% charge level for that long since it can permanently damage the battery....especially a brand new third party battery during its calibration/exercise phase. In fact, depending on the third party battery & its quality, it is best to reconnect the power adapter within 5 or 10 minutes of the laptop powering off when the battery reaches 0% charge level. Then make sure to let the battery reach 100% charge and keep it on the power adapter for at least another 2-3 hours. Then you should be able to use the battery normally.

The quality of third party Lithium Batteries is extremely poor. Even when you purchase a battery from a respected vendor such as OWC or iFixIt, you can have problems, but they are the best choice for purchasing a third party battery.

Even with a battery from OWC or iFixIt you may see the Maximum Capacity drop below 100% and with a poor quality battery the Maximum Capacity could be extremely low now.

Waiting a few hours longer (or a full day) will not cause issues.