First question: why? I run Processing with Java 1.6.0_05 without problem. Should work with 1.5 too.
Next, from what I see with the C launcher (Windows version, you didn't tell which system you use), if you have installed Processing with its own copy of Java, it will just use it.
You probably already know the trick, but if you want to be sure which version it uses, paste this in a new sketch and run it:
Code:String p = System.getProperty("java.version") + " | " +
System.getProperty("java.home") + " | " +
System.getProperty("java.vendor") + " | " +
System.getProperty("java.vendor.url");
println(p);
It shows that, in my Java-less installation, it doesn't use the JRE in the path (old version of 1.6) but the latest I installed. Actually, it uses the javaw.exe which is in C:\Windows\System32\
Which is curious, because the old JRE is before this one in the path, and when I type java or javaw on the command line, I invoke the old one. Perhaps ShellExecuteEx first looks in Windows directories before looking in the path.
All this so you are aware of possible issues with the path.