Is OC not an option? NV is a pretty OC friendly state. If OC is not for you, that's cool. Just thought I'd throw that out there.
~Side note, I don't want to start a OC vs. CC debate.~
I use a Blackhawk SERPA and have no trouble hiding the full-sized mags sticking out of my sub-compact grip. Not sure if BH makes one for the 5-7, but any quality pancake holster should pull it in tight. A good belt is also a must. I have become a big fan of dark polo shirts, large and long enough to not hang up on the grip.
If you really like carrying the 5-7, you should be able to find the right equipment and clothing to make it work.
Good luck.
The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first. - Thomas Jefferson