I am biased, cause Chiptune (is this Chiptune? I consider it so) is never my favorite to listen to. But 5/4 is my favorite time-signature (next to 12/8) so I am down for this! I like the waltzy bass, but it goes on for a bit too long. 3.5 minutes of nearly the same bass and little variation is a bit too much - you could make it shorter or add more chords! Perhaps switch off the structure after a while could work too, like you do kinda (but not entirely) at 1:23; try different ways of making 5/4 work other than the 3+2 structure.
Overal, although the sounds are not my cup of tea, I do see potential, and I like the 5/4 structure. Nicely done :D