I would certainly increase the number of groups.

As for the size, remember that you normally want some log switching: it allows the archlog to be generated (e.g. for standby) and forces a checkpoint, which would speed up an instance recovery. You may also want to limit the size to ease transmission of archlogs over the network. So the question here is: how frequently do you get a log switch with a 5MB file size? (and of course: how long is the wait? is it significant?)