It just occurred to me that for the Carpenter's Wheel you probably want to wind up with two HST's of each color combination. The method I suggested may not work for you, unless you have two squares of each fabric in your charm pack. I don't use or recommend the method of sewing all around the square to make HST's, because of the bias edges, but that might be what you need to do.
Edited to add - 5" is probably too small for the sew-all-the-way-around method. Your block would be tiny.
Last edited by dunster; 08-04-2014 at 07:54 AM.