Calibrating the battery prevents the adaptor from overcharging (or undercharging, but that's not so much of a problem) the cells.
for the last step of calibration, charging after leaving it for 5 hours.
does that need to be performed immediately after or like the next day would be okay
Not quite. The point of calibrating the battery is to ensure the time estimate in your menu bar is as accurate as possible. The charging system is designed to disconnect the battery from the charging supply once it has reached a certain voltage level.
My understanding is that calibrating the battery ensures the PMU or SMC knows the capacity of the cells and therefore charges appropriately.
From that article it seems as though you should charge it to about 80% as this is where the battery prefers to sit and will lose less capacity over time