A 5 megapixel camera will do a decent job for an 8x10 photo. But as with anything, think about this....
You get good quality with an instamatic film camera (smaller negative -- think in terms of pixels here too)
You get better with 35mm film.
You get better yet with medium format film (6cm x 6cm negative)
Then you get much better quality with 4"x5" film
and so on and so on...
Personally, I would err on the side of quality. With 8 megapixel cameras going so inexpensively and some of the optics being much better (which is another major consideration for image quality), I would go with the larger, quality camera.
As far as publishing, each publisher will have their own published standards. Purchasing the higher quality camera, you can then use software, Photoshop/Photoshop Elements/open source software, to resize the image to whatever the requirements are for the publisher. (Sizing down is easy -- getting more quality from a lower quality digital image, much more difficult if not impossible).
My 2 cents,
Sodbuster