I'm planning to do my N5 soon (after an eternalty of studying and saving money) and I don't know how much I should study such as how many vocab words, how many grammar structures, or how many kanji. And I have no idea how much commitment I need to pit in as in hours per day/ week/ month
I have also never done any form of language proficiency tests and is it as hard as people say it is?
The N5 kanji can be found here on Renshuu in the Kanji Index section under the "Resources" tab. As a general rule, the best advice is probably to do some practise exams. OTOH as I remember it, N5 wasn't hard at all and I passed without any extra study (beyond attending a regular weekly 3-hour class for a year or so.) My teacher used to make us do listening section practise tests in class, and I think that probably helped a lot.
study japanese as you already are, imho dont study "to the test".
get through at least most of N4 here on renshuu, then do some N5 practice tests (you can find free online) with a timer to familiarize yourself with the test. you will pass easily. N5 is "difficult" because there is very little kanji so reading is awkward. but if you need a pass on N5 as proof of some language ability, then take N5.
if you really want, go 2 ur local library and skim over a shin kanzen master book or something to make sure u understand most of it.
overstudying better than understudying, as u pick up more vocab and natural reading and listening. also u dont need high score to pass. imho the day of the test u should be relaxed and answers should flow from you naturally.
remember to sign up first day in your region as sometimes slots can fill at testing centers.