Pump tersts can be accomplished easily just by adjusting the pressure of the well discharge. It'll be limited, but will probably tell you what you need to know.
You do need to know what the water level is in the well (both during pumping and static). Without that, it does not matter what you are doing as far as well production. It is all just a guess.
HP is not the end all be all of a pumping rate. Pump designs vary wildly. Along with number of bowles, and blade design. Goulds are good pumps. If you pull the pump you will be able to get a pump model from it, along with the HP of the electric motor.
Also, pump columns tend to degrade over time which can easily cause the leaking over time. You may just be able to pull the pump and replace the column and call it good.
5gpm is pretty weak even for a domestic well..