I had the same dillema recently and I decided to create new repository. Brand new framework version is like a new project and I don't think you will need to rollback any changes, because the differences are too serious. I would keep the old one with a mark that it's on Laravel 4, but keep going on a new repo.
What do you all think about this article?
http://mattstauffer.co/blog/upgrading-from-laravel-4-to-laravel-5
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