Portland, Oregon allows 5 story under the UBC and IBC. Special inspection is required for nailing, stapping, holdowns.
Studs on the lower two floors will be 4x or 3x's depending on the wall layout, height. Regardless the shearwalls will require a wider nailing to work with the tighter nail spacing.
We try to utilize kiln dry plates, or engineered lumber to minimize shrinkage. Typically the majority of the shrinkage over the floors comes from the plates, two top plates and a sill per level at 1/8" per plate (approx) adds up to 3/8" per floor times five levels fairly significant.
If you are putting this on top of a concrete podium it is important to use line loads in lieu of a estimated projected surface load. We have reviewed projects were a non-conservative psf load was use and deflections were a big issues.
Recently heard that lumber is at a 20 year low due to the surplus due to the downturn in the residential market. So good time to go to wood.
Regards,