Are there any low profile(maybe 5" high) front rack bags out there which won't interfere with my handlebar mounted headlight for night riding?

While I have found some front bags, none seem to be in the 5 inch high range, most are around 8.5 and up.

You can check Rocky Mountain

Koplin makes a nice one but it's 8 inches high.

I did find one that is 5 inches high here's a pic if interested you can look at more HERE

Here is one that is 6.5 inches high click Here

Good luck with your search
Catfish

Last one.
I found one that was 5.5 inches and also holds two 1 gallon gas cans. Click HERE.

Again best of luck in your search.

Catfish