
At 5 years old she is really too old to have her first litter. Besides, she would need to be hip-scored, elbow-scored and eye-tested before mating (and so would the sire) to prevent you being sued by the people who bought the pups and they turned out to be "faulty".
A very close in-breeding such as you are contemplating should only be undertaken by a very experienced breeder who knows all the genetic strengths and weaknesses of the line - as well as fixing good points it will also accentuate the bad.
Don't do it.