Hmm, I'll take a shot at those questions, but they're not trivial.
A major reason people use reference databases is speed: an MSA is typically O(n^2) (n is the number of sequences you're aligning), but with a reference it's O(n). That doesn't really apply here.
Another reason is the information you get from existing alignments. Things like knowledge of conserved vs. hypervariable regions are useful when inferring phylogeny (see e.g.
here). I'm suspicious of de novo alignments of 16S, because they sometimes align the hypervariable regions at the expense of the conserved regions. That's not likely to reflect evolution.
I doubt extracting the v4-v5 region would make much difference, unless you have reads somehow aligning to other parts of the 16S—that'd be real bad.
All that said, if your alignments to greengenes look dubious, I wonder if the de novo alignment would work better. How's that for noncommittal?