Well, if you have the 510 stuff like regular atties and cartos, they will run on 5v. You can't run LR on 5v, is all.
So a standard 510 atty of say 2.3 ohms is fine. Don't put one on there of 1.8 ohms or below as it will pull too many amps and burn out.
Yes, it burns liquid faster, as you would expect - you are going from ~5 watts to ~10 watts so the result is everything is burning up faster.
As far as taste goes, a 510 on 5v gives the most TH and vapor but something has to suffer and it's subtle flavors. Strong, simple flavors do fine, and some only come alive on 5v anyway (like basic chocolate).
If you want both more power and the same flavor, then maybe get a 510-to-801 adapter, as the 801 comes alive on 5v and still gives max flavor. That means you would have to buy new atties and carts though. Some types of 510 cartos/tanks would give the same result but they are all very taste-subjective.
You need a multimeter if you go to 5v, so you know which is what, and the reasons why some things work and some don't. But it's the cheapest way to get more oomph, as 5v boxmods are cheap.
