Basically you can make a one of five multi signature wallet but the thing is it wouldn't make that much sense since it's just like having a standard wallet and then sharing the seat phrase across.
I just found out about that. I once did a trial with electrum, and there it was not allowed to set less than 2 signers and cosifners as well. I thought this was a standard rule for any bitcoin wallet that provides a wizard for setting up a multisig wallet.
Will always try to follow these m-n of storing of all of my funds
A tip that I think is good, make people who don't know each other as cosigners, this just prevents collusion later on.