I'm wondering if I should do 4 or 5 fingered paws. Are there any advantages over one another or does it not matter?
It is all up to your personal preference. On my suit I have 5 fingered hand paws. It all just matters what type of look you are going for and what you are comfortable with. I would suggest that if you go with 4 fingered paws that you make sure you pick the right 2 fingers to have together. A good choice would be your middle and ring finger but you might want to experiment to see what you are comfortable with.
My fullsuit has 5 fingered paws, which I really like because I can do more expressive gestures with them (wiggling the fingers to wave 'hello', for example). I have a lion partial which has 4 fingered paws (middle and ring finger are together in one finger hole) and I prefer 4 fingers for manual dexterity (opening pockets, picking up small objects, etc). 4 fingers, for me, make it easier to grasp things in my paws while in suit.
It boils down to personal preference and my suggestion would be to try both types, if you know someone who has a suit that will let you borrow paws for a short time, or perhaps ask a fursuiter at a furmeet or con.
Hope this helps!