The only thing I can find that depends on 5.0 is
elinks-0.11.3-1pclos2007Lots of things depend on 5.1 (most significantly rpm). Run
apt-cache whatdepends liblua5.1 for the full list.
So potentially a lot of stuff to break

Q: When we use a %{major} version like this without the "-", it is so that two different versions can live side by side. If I am successful at making only one version, do I change the name back to lua instead of lua5.1 and mark all of the previous version Obsolete: ?
If you change the name to lua then you should obsolete the lua5.1 package otherwise you will have two providers of liblua.so.5.1.
Obsoletes and Conflicts mean the same thing to apt/synaptic (i.e. remove the obsoleted/conflicted package when installing this package).
The difference between the two is applicable to the rpm command:
Obsoletes -> rpm -U will automatically remove the obsoleted package (if installed) and install this package.
Conflicts -> rpm -U will throw an error message if the conflicting package is installed.
Getting back to your original question. You can't really "consolidate" different versions of shared libraries. If you want to eliminate the need for older versions to be installed then you need to rebuild the dependent packages against the newer versions (but they may not build if the API changes are too much for them). So to eliminate the need for liblua5.0 you need to try to rebuild elinks against liblua5.1.
Terry.