I see on the wiki page about this assignment that you say first that our movie should be about 5 minutes long...then later down the page under the Time Table Recommendation that you say we should shoot an hour of footage. So, how long would you like this movie?
The movie should, in its final version, be five minutes long. However, you need to shoot a lot more footage than that so that you have material to work with. Students in the New Communication Media program can help us out here if they think I'm giving you bad advice. If you plan well and get every shot perfect the first time (yeah right), then you'd probably need less. However I think if you are well-organized you ought to be able to shoot all the material for this video project in an afternoon.
Our group is set on a date to film the project right after we get back from break because everyone's schedule before was too busy. We decided upon #1. The overall filming should take us under 3hrs to complete. Editing it will be no problem either, should take less than an hour.