LW 4.18.8 should be fine to use. Yes at this point in time, LW 5 is missing several tools LW 4 has. Probably will not be until later in year when some of these tools make a return.
Previewing is a little different in LW 5. You Right-click the downloading file & choose option to play it.
To preview files without creating a preview file which can take up space on computer, see
How to stop creation of PREVIEW files in your incomplete folder