M.S.
there's a couple issues here.
the first is - if your 5-pt is rated at 40 lbs - it is usually NOT safe to use for a child larger than that because it is not designed to hold the extra weight.
the second issue is your little guy too tall for the straps? the straps need to be at or above his shoulders or the forces exerted in an accident could cause injury.
lastly - state law in CO is 4 yrs to be out of a 5-pt and into a booster. state law does not have anything on weight (I did a bunch of research because I have the opposite problem - a 5 1/2 yr old in the 85th on height but still only weighs 35 pounds and she outgrew the straps). anyway - I finally got in touch w/someone at the CO state patrol - she said the reason for the 4 years w/the 5 point is that most kids under 4 won't stay in position - meaning sitting up straight, in the middle of the seat with the seatbelt across the shoulder and lap correctly. a 5-pt is always safer because it keeps them in position all the time.
so - if I were you I'd probably look into another 5-pt that will go higher than 40 lbs and also has a lot of room for growth in height and then he can stay in the 5 pt until you feel he's mature enough to move to a booster - maybe long after 4 years old. the only problem is - these tend to be pricey.
as others have said - go have a chat w/the car seat installers in your area (probably the fire department) and good luck.