I have too many F5's, but none of them have a battery drain issue. I don't recall ever reading about this being a known issue with these cameras, either.
I'm assuming you're talking about the regular AA battery pack, and not the NiCad rechargeable pack. The NiCad battery packs will almost certainly all be dead by now, if the cells haven't previously been replaced. Old defunct NiCad cells may hold a charge for a few minutes at most, which could explain your issue (if you're using the NiCad pack)
The only other battery issue with the F5 is when using NiMH rechargeable AA batteries. NiMH AA batteries have a nominal voltage of 1.2V each. 8 of these cells gives you a nominal voltage of 9.6V. The AA battery packs for the F5 were intended to be used with AA Alkaline batteries (1.5V each). 8 alkaline batteries would provide nominally 12V. The problem arises due to the low voltage shutoff system in the camera. The camera will disable itself when the voltage drops below around 9.5V, so when you use NiMH batteries you're already very close to the minimum voltage threshold, so you may not get much use before the camera shuts off. That wouldn't explain a sudden drain to 5 or 8V, however.
I think the low voltage shutoff is to prevent the power system from shutting down in the middle of a shutter cycle. This could potentially cause the camera to jam. By setting a low voltage threshold, there's always enough power to complete the cycle, but the camera then disables itself so it can't be damaged. You then need to replace the batteries. That's just my guess, though, I don't know this for a fact.
It sounds like you've got some sort of short that's draining the batteries. The broken carrier lock would indicate drop damage or other mishandling, so an electrical short could be a possible result. Probably not an easy fix, unfortunately.