The question...which was asked over 4 years ago......was whether AirPort Utility 5.x would run on a Mac running Lion 10.7.x.
At about the same time, Apple changed their support document to indicate that AirPort Utility 5.x would run on Lion Macs up to (10.7.2).
So, the 5.x version of AirPort Utility cannot be installed using Apple's installer from Lion (10.7.3) forward, which would include subsequent versions of Lion, all versions of Mountain Lion, Mavericks, Yosemite, El Capitan, and now Sierra.
That being said, some users have reported that they have found unauthorized and unsupported software on the Internet which might allow 5.x versions of AirPort Utility to be installed on Macs running newer operating systems. Unfortunately, the software requires that the user change some of the default security settings on their Mac for newer operating system versions....never a good idea.....and Apple will not support users who have difficulty with their unauthorized software installations, nor will the folks who supply the unsupported software.