@JeffyTheQuik Thanks for sharing your setup. I also have a retina 5k iMac, late 2014, same graphics card, but I couldn't achieve the resolutions you're running. My curiosity is now well and truly piqued!
Which version of OSX are you running? Any idea if this has changed with a recent OSX update?
I have 2 external monitors, a 2560x1440 and a 3840x2160. I can only run the 4k screen at 30Hz with the second screen plugged in. Any other combination I tried left me with only one monitor active.
One difference I notice to your setup is that I'm running the 4k monitor at retina 2560x1440. As I understand it, that means the computer has to actually render a 5k image and then downsample it to 4k for the monitor. But I'm not 100% sure on that. Might explain why I'm seeing different results than you are.
Bottom line, thanks, you've reinspired me to look into this again, maybe I can finally have 2x 4k running in "half retina".