'or do I just reduce to less than takeoff power once my 5 minutes are up and then I am free to reapply power in the takeoff range again.'
Lordy, I hope I don't buy this JR once you've finished with it!
Nothing in aviation is definitive. I regard the 5 minute ratings as a 'get out of jail' card and nothing more. Just because they're there, doesn't mean you have to use them. Once in the cruise, I'll settle at 70%/700 TOT, unless I need to knock on. The less stress you put on engine/turbine, the more likely they will last longer - not sure whether that's backed up by facts, but it seems to work for me.
Mind you, I don't fly mine hot or high, and rarely at max weight, so other operators might have a different view of these limits.