If you're not using Kentucky bluegrass, you can slow down now. If you are, keep up what you're doing for another week or so at least to give the bluegrass time to germinate. It's slow.

Five's kind of overkill; three for ten minutes each should be just fine for seed.

Once you're sure it's all sprouted, step back to twice for fifteen minutes and hold for a week, then once for thirty minutes and hold for a week (keeping the amount the same during root growth, but stepping back the number of waterings). Eventually, you want to be back to once or twice a week for a total of one inch of water a week.

If the sprinklers you're using put down a lot of water, you can probably cut the time a bit when you hit once a day. You want to make sure that the root zone is damp, and that there's a bit of water deeper for the roots to go after.

The blend I am using is

20% dande perinial ryegrass
20% private perinial ryegrass
20% elf perenial ryegrass
15% boreal creeping red fescue
15% k2 chewing fescue
10% appalachian kentucky bluegrass

Also wondering about fertilizing...

Hmm. With 60% ryegrass, it's going to dominate the stand anyway. I'd still keep it up for a week to get the bluegrass germinated, but it's most likely not going to be there any longer after a few years.

Organic 5-5-5 is fine as a starter, but you'll probably want more nitrogen shortly. Soybean meal, Espoma's mix, whatever's cheapest and easiest for you. One pound a month per thousand square feet of nitrogen for new grass is within a good range.