go out and get a big bag of perlite. mix about 25% into your coco, people say all kinds of stuff about coco, but its not really hydro, and while you can run it straight, i've found you get a lot better results with the perlite.
5 gallon cloth pots are pretty good sized, find yourself something to set them in when you water, and put a couple of good size rocks or blocks or w/e so they can drain good, then you can set them back in their spot. or, if you don't plan to move them, i've found 12 quart dish tubs work pretty well. put a couple of bricks in each one, set your plants on the bricks, and use a shop vac to suck out the drainage water. or you can go so far as to put a nipple on each pan, hook it to a hose, and run it to a floor drain, or a bigger catch pan.
coco has its own little tricks and treats, it eats cal-mag like candy till you get to about the third week of flower, then...it doesn't.
you have to ph coco to about 6.1 or you're going to get lockouts.....lot of little things to learn. its way more stable than dwc, and way faster than soil, but you do have a learning curve ahead of you