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Change priority on one of the interface to higher than the other by issue a command in interface configuration: standby [group#] priority [# greater than 100] let me know if that work.
Run "debug standby packet" and post some result that you can see related to int vlan 5 - for both MSFC and 7206 - and also set up an extended access list as follow:access-list 150 permit IP host [source - int 5 vlan ip address from MSFC] host [destin...
What IOS are you running on 7206 and MSFC? Does upgrade IOS is an option for you? I thought its might be something in your current IOS doesn't work righ! Please keep me update!