I'll go on a limb and advise 4/4 stock.
First there is a little under a board foot more in a 5/4 5" wide board (96") than 4/4. That wouldn't actually be a lot but does add up.
Secondly, I am assuming panels will still be 3/4 thick. If they are then get a bit extra wood (always a good idea anyway) and pick the thicker/straighter boards for your frame stock and the others for panels.
The supplier I use I almost always can get 7/8 from the 4/4 but like already mentioned other suppliers vary.
Joe
JC Custom WoodWorks
For best results, try not to do anything stupid.
"So this is how liberty dies...with thunderous applause." - Padmé Amidala "Star Wars III: The Revenge of the Sith"