The HEQ5 should be fine for either the F4 or F5. There is no reason you couldn't image with an F5 scope, it will also be a bit more forgiving with regard to focusing and collimation.
I think you meant the rings of Saturn, and yes that will show them,
Colour will only really be visible in the various star colours, you would need much more aperture to see colour in nebulae.
I have an 18" F5.6 which does show colour but not everyone's eyes are up to the task. I recently showed several people some of the common targets (M42, 47Tuc etc)
One young lady exclaimed " Wow look at all that blue/green and red " My own eye could only make out the blue green.
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