I am curious,
If you were using
What would be the most optimal way to test each offer?
Would you setup 5 campaigns each with a unique offer
campaign1 + 5 lander + 5 creatives + offer1
campaign2 + 5 lander + 5 creatives + offer2
etc
or
Would you use
I understand both ways would work but curious if anyone has an experience with one providing better results than the other?
Create a campaign on Propeller with your 5 creatives.
Then create a campaign on
No need to overcomplicate stuff, for things like this you use a tracker so that you can test different landers and offers in one campaign 
I run on native but the principle is the same I believe.
In 99% of circumstacces the ads are all going to link to the same campaign link or same "rotation', so you can separate them out and just add them into your traffic source.
That's one half of the equation.
The other half is testing the landers and offers.
To do that you would simply create a 'rotation' (or whatever
At the end, you go into your tracker, pull up the data, and see which ad performed best, which landing page performed best, and which offer performed best.
You can also see them in combination by sorting by Ad ID> Landing Page > Offer, in case you notice that some really go well together (perhaps Ad #2 is the best overall but ad #3 combined with lp #4 and offer #2 knock it out of the park, etc).
Hope that helps!
PS I don't know why those #X's turned into hyperlinks- that was unintentional obviously lol.
I would probably just launch it as 1 campaign in
In
However..
Do note that you have quite a lot of variables in play.
Not sure what is your offer (if low payout, it's not so bad), but with higher payout offers you will need to spend quite amount of money to get some data that makes sense.
You have to count in that you not testing only 5x5x5 but also traffic source will send you traffic from multiple zone IDs, where some of them will be better, some worse.
So what I would rather do in the beginning is LIMIT the moving parts to minimum and add let's say max 2-3 offer and 2-3 landers, once I have data and I eliminated (cut) bad placements I would add more offers/landers.
There are multiple ways to going around, but generally if you are on budget, do not test so many variables as you will get in "trouble" 
Just my 2 cents.