Hmm..tough question.
John Gierach did a lot to "help" Mike Clark as far as getting his name recognized nationally (and internationally). That statement is NOT to say that his rods are not top level. If the guy has a five year waiting period, most people don't have that kind of patience, so they must be good.
With this said, Mr. Gierach brings up a few things concerning this sort of thing in his book "Fishing Bamboo". Namely (and I'm not quoting directly as I do not have the book in front of me) that you might pay to get on the list, but you may never see the rod. He might pass away before he gets to yours.
Aside from this, there is the possibility that you paid the money, was patient, got the rod and didn't like it...for whatever reason...the taper is not to your liking, whatever. That would be a bummer.
Casting the money aspect aside, it is like buying a Ferrari. Most guys get on the waiting list because they are patient and they pay less in the end. It's the guy who can't do this that pays the premium from the show room (or, in the case of the rod, a used one from a collector or a guy who can't fish anymore and knows what he has).
I'm not an instant gratification guy, but I don't know if I'd wait for too many things for five years. A lot can change in five years....