I'm not aware of 5MHz bats either, they can go as high as 150KHz. https://hypertextbook.com/facts/1998/JuanCancel.shtml
I wonder if the OP can fine tune quartz crystals with sandpaper. A 32KHz watch crystal could become a 5MHz one.
I wonder if Sisyphus ever did get that rock even halfway up the mountain. Just because something can be done doesn't mean it should be done. A 5 MHz. transducer sounds like bumpf to me.
The maximum distance [ for a reflected signal] is dependent upon lots of factors.
Examples.
transmitted acoustic power
beam width of transmitter transducer
transmission frequency.
size and type of reflecting surface.
alignment of the transmitter and reflector.
sensitivity of the transducer/receiver circuits
With a few watts of power at 40KHZ, with a good reflecting surface you should get at least 20mtrs in air.
You were going to give me details of your transducer.???