Will this hood fit the 5cm f/1.4?

With the 43 mm thread it should work. Sometimes the really early Nikkor 50f1.4's has a bit "loose" fit on the thread.
However, my personal feeling is that rubber hoods are a devils invention. They keep collapsing and never stay in shape! You are better off looking for a metal hood (Heavystar makes some good ones). The original 50f1.4 by Nikkor is a/expensive and b/keeps falling off. A threaded hood is better!
Contrast will not increase as such, but the fact that the hood will minimize flare will improve image quality as even slight flare can give the appearance of lower contrast.
 
Yes it will. B+W rubber hoods aren't that bad, their rubber is noticeably thicker than on cheap Chinese rubber hoods, so they don't collapse at any time, and keep their round shape for long. But Tom is right about metal hoods being a better choice.

But hey - metal hoods don't collapse so they might be less convenient if your bag is small.

Decisions, decisions...
 
Thanks for the insight, guys!

I also found a a 3rd party 43mm vented metal hood that is meant for the old 50mm Summilux. Would a vented or unvented hood be preferable in terms of flare reduction?

(I like to shoot at f1.4 in bright daylight conditions, using Ektar 25.)
 
Vented vs. unvented are of no concern re. the flare reduction but the vented hood won't block the viewfinder as much as the unvented.

The 3rd party 43mm tilted and vented hoods are nice (CNC one-piece machined).
 
I like the CV hood from the 35/2.5 Skopar PI lens - 43mm screw-in, with push-on cap. Provides decent shade on the 50/1.4, never needs to be removed, and is compact in the bag.
Cheers,
::Ari
 
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