Thank you for this question. As long as your Track IR 4 camera is still working, there is no real reason to upgrade to Track IR 5. You can still use the latest Track IR 5 software with your Track IR 4 camera. You may download the latest version at the link listed below.
I had to dig into the web archives for the old TrackIR website for this, but when we still sold the TrackIR 4 alongside the 5, this chart answers your questions
To my untrained eye, it appears that 5 would give smoother tracking with better fields of view.
In my case with the version 4 sensor, I find that with either the clip or reflector, the sensor loses contact in the upper left quadrant and no amount of tweaking seems to fix that.
As you can see from the chart, TrackIR 5 features a huge upgrade in sensor sub-pixel resolution and field of view, which would eliminate the issues you are experiencing with the TIR4. In addition, you would get more effective range and LED power in the 5 which would help to overcome ambient sunlight in your playing space (which may or may not be affecting your 4).