Does Magic Lantern let you exceed 1080p30 FPS when shooting video?

It doesn't, that I know of. Someone else can speak up though and correct me.

It does let you specify differing bitrates and focus peaking, both useful for video as you can retain additional details/video quality at the expense of larger files using higher than default bitrates, albeit still at 1080P/30, and the focus peaking can help with critical focus.

CF card equipped cameras can dump "raw video"; since the T5i is SD only, it doesn't have the bandwidth even remotely close to try, that's a large "selling" point of ML, but not for your camera obviously.

If you're posting your videos to say youtube, it gets recompressed anyways, thus using higher bitrates helps retain additional quality for youtube to "play with" when it shrinks it, it has a higher quality input in which to draw upon. Same applies if you're exporting it for say iDevice / Android consumption. Handbrake will also have a higher quality input in which to draw upon if you use higher bitrates. Ditto for burning a DVD/BD-R. Roxio/other utilities recompress the data into a standard h263/h264 respective format too.

If you're not uploading to an online video service, burning it to a playable media or converting for mobile use, IE only directly viewing the movies on your desktop/laptop, this would be the only case maybe it's best to leave the bitrate alone and not choose to override it in ML. Otherwise, you should always push the highest bitrate your camera/card combination can support to produce the best end image quality in the online/mobile/media format destination.