I would not wait more than 2 months for a new watch to settle. It should actually only take a few weeks of initial use for any oil distribution and any miniscule 'roughness' to smooth itself out.
I would recommend a local authorized dealer with good repair facilites. This way you can do multiple visits, if needed, allowing them to 'hone' the regulation as close as possible to the ideal (say within 0.5 sec/day). Being 5 seconds fast a good watchmaker with knowlege of your specific movement should be able to get it within 2 seconds/day with the first adjustment. Each visit should at least half the error. Most will consider within 1-2 second a day perfectly acceptable and would stop adjusting.
Regards the co-axial 'myth', it depends on how you measure the performance criteria. A co-axial with regulation way off the mark would be seen as over-hyped by a layman when compared to a regulated Timex. But if you measured the deviation drift in the 5 positions, 6, 9, cd,du,dd you would find the co-axial should have precision of within a few secs as day at the 2 worst relative gain and loss positions. The Timex would be 10's of seconds off by comparison and it's deviation each day would be strongly influenced by the the wearer's habits and likely vary up/down by a big margin with each passing day. Also it is said that the co-ax will not need servicing for 10 years, so should stay 'accurate' for longer periods untouched. This is another criteria (if true, but the jury is out on this one) which is meant to hold this movement in higher regard. But there is no easy answer to 'hype' or not. COSC says the co-ax statistically gives no better measurements than a regular movement...but then again, they test all their watches over 15 days, and not 10 years!
Remember to be consitant with your wearing habits while the watch is regulated, i.e. wear it or take it off at night in the same manner you would normally do. Good Luck!
