I was doing some kite-surfing shooting just this weekend with a K-5 and Sigma 170-500. I haven't tried much with my older K200, but the K-5 was pretty amazing for this.
I think the factor that benefits the K-5 most is that high ISO is amazing. As you have noted your sweet spot is f8-f11. I would suggest that the 120-400/170-500 sweet spot at the long end is more like f11-f13. So shooting at 1/1000s at f/13 is almost a minimum, and you are likely to use the higher ISO. I have found results to be really good up to 3200 and acceptable up to 6400. K200 was not much use above iso 400.
The AF is pretty good but it is a challenging subject. AF-C or AF-S..? Not sure which is best. I also played with spot vs 11-point. The 11-point worked most of the time, but tended to also pick up the waves and different parts of the rig etc. So good DOF would help. I reverted to spot and a mixture of AF-C and AF-S, and all round the "focus" keeper rate was about 60-70%. But obviously the final keeper rate is lower due to light,composure,angle,etc. I shot off about 150 images and still have about 100 that have fair to very good focus.
I did everything handheld, and found the technique in this link useful, particularly the hand flat up and pointing forward to support the lens.
https://www.pentaxforums.com/forums/pentax-dslr-discussion/170243-making-most...handhelds.html
I also recently posted some B&W transforms from images into the sun on the afternoon at
www.pentaxforums.com/forums/post-your-photos/171321-black-white-kite-surfing.html
Hope this helps.
Here are some of the better results I got: