5" LCD connect to Rpi using GPIO pins (by rpi rgb lcd and vga board).
2 screens, 2 programs, one HDMI, one to display status info 5" LCD.
Ah, the difficulty is that though you can use hardware HDMI to VGA adapter to interface to the VGA display, BUT then you can only use either HDMI or VGA any time.
Is your status info graphical? If it is only textual, then you can consider using cheap I2C LCD display with 20 characters by 2/4 lines. Then it becomes very easy now.
For graphics, there are also I2C 800 x 600 dots LCD display, which is not too difficult to handle than text display.
I skimmed the RGB/VGA card setup guide which tells you how to edit the Rpi config.txt for the RGB/VGA configuration. I think this meanss that they designed this VGA card for those who prefer to use ONLY ONE 5/7" SMALL MONITOR, instead of HDMI. So I think if you want to use two displays, you can forget this VGA card and look for options, ...
Raspberry Pi RGB VGA 800x480 Kit
How to setup the RGB VGA board for Rpi
Insert the SD card to your computer.open the file "config.txt" at the
SD card root directory by your computer
Add the following code at the end of the file,Then save the changed
If 800x480 Resolution LCD(such us 5 inch,7 inch)： dtoverlay=dpi24 ...
Insert the SD card to your Pi. Then work