You unfortunately cannot schedule in the specific manner you are looking for. As you already note, you can run on a monthly basis - i.e. the 5th day of each month, but you are not be able to control the Day of the Week other than for the first materialization.
A possible work around this would be to run your coordinator on a weekly basis, to materialize on the Monday and then have a custom Java Action as your first step in the workflow that will throw an exception if it's not the first day of the month.
A downside of this approach is that you'll see 4 or so failures per month in the job list for the coordinator, but at least it will give you the behaviour you're looking for.