To start you off, the SB#5 and the Shelton #14 are essentially the same plane by different manufacturers. Generally referred to as a jack plane (jack of all trades) it is the one(s) I'd start restoring and using first. It is typically used first when starting with rough cut lumber, primarily to get to the thickness you want and remove some of the high spots.
Next is the #7 or jointer plane. It's primary use is to true an edge or face after the jack.
Finally is the #4 the smoothing plane. It's used last in the sequence to take the really fine shavings and literally smooth the board and remove any marks that the other two have left.
One reason that the #5 (shelton #14) are called jack planes is they can be set up and used as either a smoothing or jointer plane. Since you have both of those, I'd consider setting up one of them as a fore plane which is very useful for quickly removing wood. Here's one thread on fore plane blades http://www.woodworkingtalk.com/f11/w...e-plane-53230/
I just ground an extra blade I had into a fore plane blade and I love it. Just this afternoon I needed to remove almost a 1/4" thickness from a glued up panel I was working on and it only took me about 15 min. to remove all that material and then smooth it.
Here's a couple of links with some useful info. The first is tons of information on Stanley Bailey planes
their designs and uses. It's very helpful and has detailed descriptions of each plane they've ever made.
The second is a link to an article that firemedic wrote for his site
discussing the use of bench planes from his and a historical (Joseph Moxon's) perspective.
If you really want to get started trying out the planes, don't worry so much about a full restoration right away. Take the SB #5 flatten the sole, sharpen the blade and make sure the chip breaker is polished a little and makes good contact with the blade - then start making shavings :)
One final tip - when you get ready to start making shavings, don't start out on hardwood, get a pine 2x4 to practice on. It's a lot easier and more forgiving while you're figuring out depth of cut and other settings.