........if I was to add preboiled cooled water to the fermenter to bring it to 5 galons is that a bad practice. Would it be a watered down beer.
In my opinion, if you boiled "too hot" once, and came up short unexpectedly, then this would be the corrective action to take to get 5.0 gallons in the fermenter. If this keeps happening, however, you'd want to address the underlying issue, since you have a big-enough pot to conduct a full boil. If 6.5 gallons is the max you can start with, and you like your boil rate, then I'd suggest adding that extra water in the boil so it gets boiled and sterilized. At least you'd vastly reduce the risk of infection from using cooled water.
To Preston's point, if your SG target is 1.050 and you hit that number with 4.5 gallons remaining, then you'd be watering down your beer just to reach 5.0 gallons. If you must have 5.0 gallons then you'd have to hit 1.055 (or something) before adding any water. It's a volume:gravity trade-off.