My first "real" camera was a Rolleicord III with a Xenar. It's an excellent camera: light, straightforward, and the lens is what you'd expect from a Tessar type. It doesn't have the clinical sharpness of a Planar, especially wide open, but it's probably a better portrait lens for exactly that reason. I'm not sure how many aperture blades there are, but I think it's more than 5---in any case I don't remember the bokeh ever being a problem (I'm not a complete bokeh obsessive or anything, though).
The focussing screens on 'Cords tend to be dim and it's probably a good idea to plan for an upgrade. There are a lot of aftermarket screens for Rolleis out there.