Hi Michael,
You'll need to set up two profiles, one for each event. Make sure that the "event" tab in each profile match the corresponding events. In the "alarm" tab, tick the box to use a custom suppression key, and then enter the same suppression key for both profiles. Try to make the suppression key unique enough that it doesn't match any other profiles' suppression key on the same box. For event ID 5 change the severity as you like, but for event id 4 make it "clear". This should be enough for automatic clearing of alarms. The profiles need to be on the same machine, you can't do it this way from different machines firing the events.
-jon