It doesn't look like the default settings provided by Microsoft allows for this kind of update schedule. Windows Update Settings - Change
I leave automatic updates turned off. When I know I'm going to be away from the computer for an extended period of time I manually check for updates and select those updates I want to install. Usually takes less than 60 seconds to do a manual check and start the update process.
But there's a couple of things to consider. Some updates require a reboot to finish installing. Your computer will just sit there until you return waiting for that reboot. So you really won't be saving any time by letting the computer start installing updates after that 5 minute delay. The other major issue is if you have a lot of updates to install (say, more than 5.) There's always a possibility that installing many updates at one time could cause your computer to crash or blue screen. Many people have experienced this based on questions received at Seven Forums.
It might be better to install just a few updates at a time, keep track of the KB numbers, and reboot after each group of 3 - 5. If there are any problems you'll know which group to uninstall. Then you can install them one at a time, rebooting after each one. They'll either all install correctly or you'll know exactly which update is causing the problem. Save it for last and continue installing the next group. Yes, it's a lot slower this way but I think it offers a better update experience with a lot fewer install problems. IMHO.
Sorry for not being more help.