Nope, go for it. The headspace will quickly fill with CO2 and you'll be fine. Now, if you plan to rack to secondary, I'd suggest doing so when your still have SOME bubbling going on just to be sure the headspace is purged of O2.
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No but making one bigger than 6.5gal will be messy
If I were you, I'd take the bottle challenge... make a full 5 gallons of beer, then go out and buy some good microbrews (with non-twist tops) and try to empty them all by drinking before your brew is ready to bottle. Much more fun than making 3 gallons of brew...
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