Before putting an iPhone5 into very long-term storage should I fully drain battery?

When it comes to Apple products and batteries I recommend users refer to what Apple has to say about its batteries.

However, to answer your question, I quote directly from Apple:

Store it half-charged when you store it long term.

If you want to store your device long term, two key factors will affect the overall health of your battery: the environmental temperature and the percentage of charge on the battery when it’s powered down for storage. Therefore, we recommend the following:

• Do not fully charge or fully discharge your device’s battery — charge it to around 50%. If you store a device when its battery is fully discharged, the battery could fall into a deep discharge state, which renders it incapable of holding a charge. Conversely, if you store it fully charged for an extended period of time, the battery may lose some capacity, leading to shorter battery life.
• Power down the device to avoid additional battery use.
• Place your device in a cool, moisture-free environment that’s less than 90° F (32° C).
• If you plan to store your device for longer than six months, charge it to 50% every six months.

Depending on how long you store your device, it may be in a low-battery state when you remove it from long-term storage. After it’s removed from storage, it may require 20 minutes of charging with the original adapter before you can use it.