- Could I use new v5 contracts ?
It is not safe to upgrade an existing deployment from 4.x to 5.x. See Contract upgrade failed because variables are deleted in openzepplin 5.0 - #2 by ericglau
- Could I replace the v4 contracts with v5 contracts ?
If you do replace them (note there are some differences in usage), the new contract can only be used for new proxy deployments. As above, you cannot upgrade an existing deployment to a different major version of OpenZeppelin Contracts.
- Will the OpenZeppelin upgrade plugin identify errors/conflicts if they exists?
Conflicts will definitely exist across major version changes. The upgrades plugin will identify them, but you should not even attempt this kind of upgrade because it is known to be unsafe.