I recently installed a cheap grip on my friend’s old 5 wood and the feel is the greatest since he acquired it 12 years ago.
This club is definitely antique, released in the early 1990’s. It is fully functional but less area for contact than today’s models. I enjoy playing with older clubs against my golf friends, although I prefer a TaylorMade V-Steel.
Iron shafts for fairway woods remain a viable choice for feel, especially if their iron play is stronger than woods. The Precision shaft installed is decent, strong, and rust free.
I would never play with the grips previously installed. Installing a cheap Grip One grip gave this club the best feel since my friend acquired it. A Golf Pride grip is better but no need to put too much money into the 5 wood.
If my friend starts playing more, I suggest finding another used 5 wood for better shots but it’s a valuable piece of TaylorMade history and should be kept with care like his classic car.