In college and later the first year of university(Engineering), I was taught that you can multiply the constant of integration by a constant value and it doesn't change, like in these examples:
$$ y = \frac{1}{5}\int dx = \frac{x+C}{5} = \frac{x}{5} + C $$
$$ y = e^{\int dx} = e^{x+C} = Ce^x $$
I get what's happening here, but is it considered bad form to do this? Should I create another constant, say $K$, and let this equal (in the first example) $\frac{C}{5}$ so I can say that $y=\frac{x}{5}+K$, or is it just accepted that it's slightly iffy but everyone understands what you've done?
It is considered bad form. The usual approach, at least in a final presentation (as opposed to when you're actually doing the calculations), is to know how many different $C$s you need, and use either $C',C''$, etc. until you get to the final one, which is just $C$ (if there aren't too many, $C'''''$ is a bit ridiculous), or use indices: $C_1,C_2,$ etc.
If what you're writing is only meant for your eyes, you can really do whatever you feel like; mathematical notation conventions are there to facilitate communication between people, not to put restrictions on what people write down as their own personal notes. That being said, eliminating a potential source of confusion at nearly no cost of writing speed or cognitive load sounds like a good thing to me, so I would suggest you use something like this in those cases as well.