How long is the verse? With tattoos, you shouldn’t really get writing tattooed too small. As a tattoo gets older, and with exposure to the sun, the lines fatten and fade, so a small font runs the risk of becoming blurred and illegible.
Unless I’m misunderstanding and you want to just get ‘Romans 5: 1-5’ tattooed just like that.
I’m not sure what you mean by inside or outside of your foot either.

I wouldn’t get it on the arch, anywhere prone to rubbing is going to deteriorate the tattoo during the healing process and even when it’s healed, you’d have to get it touched up every couple of years. I’ve seen tattoos on the tops of feet that come out fine, is that a possibility?

Your friends can draw those up for you, that’s fine, but you’ll need to take it to a reputable tattoo artist to get the ‘ok’.
There’s lots of things you can draw on paper that won’t work as a tattoo. Skin colour, size, shape of the area, how busy the drawing is, how it will look on skin are all things that need to be considered, but if you take the design to the tattooist he/she will be able to tweak it a little bit if need be to make it the best tattoo it can be.

You wouldn’t really be able to tell who drew it I guess, because the tattooist would straighten out any crooked lines and such.
The design itself would be able to been tattooed easily without changing much at all.

Depends how big your foot is, it might be possible. You might have to go with different fonts, instead of different people writing it, it might come out looking a little weird.

I think you’re putting too much emphasis on the ‘written by 5 different people’ thing.
I only say this because if two people’s handwriting is similar, and you get it tattooed, it’s going to look like the tattooist couldn’t make up their mind what font to use.
If you get your 5 friends who you want to have input in your tattoo, maybe you should get them to pick a font from 1001fonts.com each or something like that.

About 1.5cm tall I think. A tattooist artist can correct me on that one.
The guy I go to explained it this way when a woman came in wanting small writing – he got a piece of paper and wrote whatever she wanted in a small font in pencil. He then smudged it and showed her the result, and explained if he tattooed writing too small, it would end up looking like that in a couple years.
It shouldn’t take more than an hour.