I guess I misunderstand your question, it sounded to me like you wanted to tie some flies to use as a teaser. A teaser goes on the line in front of your plug, a tailhook goes on the rear of a plug. Which is it that you are using the 5/0 hooks for? a tailhook? or a teaser?
I make my own rear hooks for all my plugs and I use VMC siwash hooks also, from 3/0 up to 8/0 depending on the size of the plug.
A fly made from a 5/0 siwash hook will need to be a very large fly, that's all I was saying.