This is not possible due to the way Thunderbolt works.
Thunderbolt is merely a 'container' for PCI and Displayport signals, in the case of Thunderbolt3 it also contains USB3.1. So the Displayport signals come from the Mac (video chip) and are passed unaltered over the Thunderbolt cable.
The nearest thing to what you are looking for would be a hypothetical Displayport 1.2 to Displayport 1.4 adapter and these do not and will not exist. A diagram always helps.
Displayport 1.2 (from video chip) --> Thunderbolt3 --> monitor (still Displayport and still version 1.2)
A different adapter e.g. HDMI 2.0 would involve the following
Displayport 1.2 (from video chip) --> Thunderbolt3 --> Displayport 1.2 to HDMI 2.0 adapter --> monitor
The big problem is that Displayport 1.2 does not have enough bandwidth for 5K over a SST connection. Since the source remains Displayport 1.2 it will be sent too s_l_o_w_l_y to support drawing a 5K screen via SST at 60Hz even if hypothetically converted to Displayport 1.4.
I suppose hypothetically a Displayport 1.2 MST 5K signal (i.e. a pair of Displayport signals sent as MST) could be converted to a single Displayport 1.4 SST stream. Such a beast does not exist and the amount of processing may slow things down too much even if one was made. (Ignoring the cost issues.)