Should I upgrade to ECC 6.0 from SAP ECC 4.7?

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You should upgrade to ECC 6.0, not ECC 5.0. The upgrade tools are built to cover several source releases and to 'bypass' versions. Upgrading to ECC 5.0 before 6.0 will only increase the cost of the upgrade and the need for downtime. The upgrade project will take twice as long, which also doubles the cost of resources and effort. I cannot think of any good reason to first upgrade to ECC 5.0 and only then to ECC 6.0.