When I make the can switch I'm not going to be at 1.1Th/s but I would like to be close. I'll be watching the temps and if I'm stable and I can run the miner in the 60's then I could get a few more hashed out of it.
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1) What power supply make and model are you running?
2) Are you seeing the varying hashrate on the S5's status page or your pool's status page?
3) What pool is it at?
4) Please can you provide a screenshot of the S5's status page?

Temps are best kept under 60C but its not a "its going to blow up" situation if below 70C. You may shorten the lifetime of your S5 by running it that hot however. Hardware errors shouldn't change appreciably between 60 or 70C either.

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I am using a EVGA SuperNOVA 650G1 650W ATX12V Power Supply 120-G1-0650-XR power supply
I am seeing varying hash rates on both the status page and the pool's page. I know they are not going to be exact but the pool shows a dip in my hash rate, the hash rate graph on slush's pool (the one I'm using) looks like a saw blade rather than a straight line. The miner is set a 337.5 and that should give me 1.1Th/s but it sometimes dips to just under 1Th/s then back up.
Im using slush's pool with btcguild as a secondary

sorry, its been a while... how do i post a screenshot? i have it in png format