The 5th pin was for the power supply part of the box. The power supply provided a regulated voltage for the pickup coil interface. Early units used the external resistor, and internally a zener diode to clamp the voltage. The zener shunt regulator is an inefficient means of regulation. The external resistor put the heat outside the box. Later units used a series pass linear regulator, so no external resistor required. The linear regulator is also inefficient, but the losses are less. The other day there was a thread on what is in a FBO box, it had a few pictures of OEM boxes. One had a tab device in a corner, with a small heat sink, someone said it was a driver, to me it is a linear regulator.
More wires and external connections do not improve reliability, so by choice I would use 4-pin. With that said, and HEI conversion is even better, because it eliminates the ballast resistor, with internal dwell and current limit controls.