I can answer the 1st part quite easily; with a BA to OW connection then your luggage should indeed be checked all the way through and you will not need to collect it in London
On arrival at T5, follow signs for flight connections and you should find airside transport to T4.
If you go to BAA Heathrow: Flight Connections they have a nice little tool which will tell you the connection process. Just select T5 International arrival to T4 and it gives a nice step by step description
I am not sure of the lounge situation now at T4; There was a Lounge Pavillion near Gate 14 which had Concorde Room, 1st and Terrances lounges and near Gate 5 a Terraces lounge. I believe that the Pavillion may have closed but not sureOriginally Posted by BAA.com
Dave


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