Before I first broke 5 my PR was 5:01. I broke 5 in a rag-tag time trial with my teammates. It went like this -> 73, 77, 73, 73 (4:56).
So it was a very unorthodox way to run the 1600/mile.
That race was unusual, but Jack Daniels (famous coach) told me that, usually, in a 1600/mile, your 2nd lap and 3rd lap are the same time. This isn't always the case, but in a lot of the races I've seen, he's right. My PR for the mile senior year went like this -> 67, 69, 69, 66 (4:32). So it seems to be a good way to run the 1600/mile.
So I would say go out in 72-73, and then try to run 75 for the 2nd and 3rd laps, and then obviously do what you can on the last lap.