For practical use purposes, you got it right in your 50mm = 75mm on a FF body equation.
You can go into all the why's, differences, etc. but this is what it boils down to. With a FF body, and getting closer to get the same framing, DOF and perspective will change. Or, more accurately, to take the shot from the same distance using a FF body, and cropping afterwards in post process using editing software to get the same framing, then you are throwing out a lot of pixels, so you'll likely wind up with the same pixel density or less than that of the same shot with your K-5. There are pros and cons to everything. But the K-5 has a fine reputation for very fine IQ, and very good low-light, higher ISO performance. So you have a fine tool in your new camera that can serve you well for years. Just using the 1.5x formula to compute the FL results you will get from a lens compared to what it would do on your K1000 will be fine. Actually, for Pentax I believe it is 1.53x.
I suggest tweeking your settings in your Custom Image menus. First, have your mode dial set to the "P" mode. With the K-5, these are accessed via the button just to the right of the ok button. Now the 4 buttons surrounding the ok button can be used for navigation and for changes. The default "Bright" category should come up right away. If not, just use the right or left buttons to navigate to the "Bright" category. Then scroll down to the bottom, Sharpening selections, and you should see the default setting is up one to +1. I increased mine up one more to +2. With this camera, that works well. Then I used my thumb dial to put an "F" by the "S" for Fine Sharpening. This setting will provide finer detail in your images. If you go back up to the very top, you can navigate over one, to the "Natural" category, and set sharpening to the same settings as in the"Bright" category. Then go back to the top and put the camera back to the "Bright" category, which is best for most shooting, and hit the ok button.
---------- Post added 08-12-18 at 01:10 PM ----------
Originally posted by Geodude Expanding on the question, I often use an SMC Pentax-A 1:4 70-210mm manual lens on my K-3. I always set the focal length at 70mm as mostly I use the lens for macro shots, but I do make use of the zoom. So, if I'm going to use the zoom at 150mm, should I reset it at that value, or does it not matter? Mostly, my concern is for sharpness of the image.
I would imagine you set the FL to that you will be using, for the sake of the SR. But with an "A" lens I wonder if that is necessary, since the lens already has info contacts to the body.