md5 and sha are not to be used really - http://www.php.net/manual/en/faq.passwords.php#faq.passwords.fasthash
Also, whether you store boring non sensitive info or government secrets, you should use the most secure methods. What if your site plan changes once all this is implemented and suddenly you DO need to store sensitive data?
What if someone hacks your non-sensitive database through insecure methods and wipes everything? It may be nothing more than a pain losing all that data and having to restore form a back up, but for me this in itself is enough.
Also, as someone has hacked your DB, what if they return later and do it again, you'll end up having to update your login methods anyway.
Adding to that, why not learn best practice from the start then any site you do is best security approach? Why learn simple and not-so-secure methods for one site to learn a different way for another later?
Learn best practice, always, and always use it then you only need to learn and use one method throughout all your code and thus from practice makes you more efficient and knowledgeable with it.
A combination of crypt and Blowfish is pretty much the way I go now. It takes user password from registration and spits out a hashed string and unique salt together, always same char length so you can manage it in a database easily.
All users salts are different so someone obtaining all your DB data and working out how one password salt is formed, which is barely possible, gets only one password and in no way the method to obtain others.
Then when user logs in, you simply use the built in function to check their inputted password from login form to the one in the DB and the library works out the hash/salt/etc and checks the two. If match log them in, otherwise not.