Will the raw data of the whole schematic (5 accelerometers to lilypad to bluetooth) be fast enough generated? - a frequency of 10 "readings" per second should be enough for what I intend to do with them.
So all the arduino has to do is take readings from the accelerometers and output the readings on bluetooth ?Have you tried any experiments? If you have an arduino you could send a pattern over bluetooth to measure the data rate you can achieve. If you have one accelerometer you can just read it five times and do some tests like that.