I wouldn't let the battery run down to 5% all the time. Basically you are using 1 cycle charge per day if you go with this route and your battery probably won't last a year depending if you do this every day. Also you can continue to keep it on the charger even if it's fully charged. Once it is fully charged, charging stops and relies power on your outlet and does not use battery power when it's still plugged in. Most lithium ion batteries like the iphone uses, has a chip that tells the battery to stop charging it reaches it's capacity to full.
What I would suggest is, just use your phone normally and charge it every night or so, and once a month do a fully drain your battery until your phone doesn't turn on anymore, then fully charge it.