The 7000 series is available with IPS displays -- that said, you'd have to contact Dell Spare Parts for a price quote on the screen -- and replacing the screen on an in-warranty system does void the remainder of the system warranty, if that's a consideration.

Dell Spare Parts -- 1-800-357-3355

I've noticed that the 7000 series has the IPS display - would I be able to install THAT screen in to my 5000? And yes, I assumed that this would void the remainder of the warranty.

Most likely, yes.  And yes - replacing the screen WILL void the warranty on the system.