If you are looking to make sales I would strongly advise against CPM. I'd focus on PPC and really straight-lining your path to conversion (sales). For a product like yours (high margin, impulse purchase, with good potential lifetime revenue from happy customers) you really want to focus on reducing friction in the engagement-to-purchase process. This is where you'll get the biggest ROI.
CPM is good for brand awareness but $5k is a drop in the bucket. With that level of investment you want to get as narrow as you can, and drive sales from most likely customers.
I'd generally stay away from display entirely, other than remarketing.
So I'd focus on adwords, with a bit of display remarketing and facebook thrown in.
Consultants will tell you all sorts of things to maximize their share of advertising dollars, but Adwords is probably your straightest-line to sales. Later, once you have some profit to reinvest, you can look at those bigger branding initiatives.
Adwords gives you ability to be sniper and pick off most likely targets.
I charge $50/hr, which is very low given my deeper strategic value-add. The focus on Adwords would be limited initial spend focused on experimentation, followed by ramp-up of most promising campaigns and ad groups. You get bi-weekly reporting, and at 3 months we evaluate and do deeper reflection process with more in-depth reporting and skype meetings.
Give me a shout if you want to discuss. entrephilia gmail