Depends on what your facing and what faction your playing, as soviets with conscripts an un-upgraded M5 can be quite strong since you will almost always win the attrition battle especially if the cons have any sort of upgrade(SVT, PPSH, dropped weapons).
As Soviet with Penals, USF or UKF it is probably better to upgrade the M5 since the reinforce cost is so much more despite the infantry being stronger. You might win some engagements at first but the heavy bleed required to keep the pressure up may begin to delay your tech.
All advice given was assuming blob vs blob with no time to put down sandbags, MGs, offmaps, arty or any other call in ability.
