We've implemented this change - Crypto SE now takes 3 close and reopen votes, instead of 5. This isn't a super complicated change but there's a bit of reasoning that might be good to share... and, I gotta say, especially on Crypto, I'm very hopeful this change will have a positive impact.
Y'all close a nontrivial volume of questions on a month-to-month basis, and the lion's share of those questions are closed by moderators:
What gives me a fair bit of hope that this change will help is the clear pattern showing community participation in closure, albeit only a proportionally small volume of community votes affect the outcome. That demonstrates an active community interest in maintaining close votes This makes me suspect the change (Please do keep this up: the change from 5 to 3 close votes only alleviates moderators' burden to the degree it enables community members to take on this responsibility.) And, increasing the proportional weight of a single community member's close vote is liable to significantly bump up the % of posts handled fully by the community, as well.
The next chart also shows clear room for improvement as a potential result of this change:
The line called "PctHandled" describes the percentage of posts receiving a first close vote that were eventually either decided for closure or decided for leaving open. The fact that it's stable is good - the fact that it's hovering around 70-80%, less so, and hopefully it can be improved with this change (nearly all posts receiving a close vote should ideally receive a decisive outcome one way or another).
Just don't forget to keep an eye on review queues!
As always, if you notice this change just isn't working out, make a new meta post - we'll be happy to re-review and/or change again on request.