Yeh, that's pretty tight, but ...... that clearance usually is on most bikes. You will see a lot of bikes where the drive side chainstay is dimpled or bent in an "S" to give more clearance to the granny ring. I'd say that as long as there is not too much flex in the frame, or crank, or BB, or whatever, and there is no contact between the chainstay and the chainring, then you are ok. The only way you are going to find this out is to get out and ride and do a little hammering. I would give it a shot, myself. If you get some contact then you are going to have to space it further out.
The 5mm clearance you talk about on the left side is pretty common. If you take a look down when you are riding (careful here!), you will see that the inside of your heels are just barely missing the crank arms. Almost all of my shoes have scuffs because of this. There are lots of tight clearances between the rider and the drivetrain, and, the drivetrain itself has plenty of tight clearances. Good luck with your ride ;-)