If legendary tokens expire, then it is obviously not wise to stock-pile them until three 5*'s are available. If they don’t, then stockpiling them until there are 3 5*'s out there seems like a no-brainer.
I believe that the 5-star chance in legendary tokens is going to go up to 10% once the second character is released but it won’t go further - the 10% will just be divided more ways after that.
I can confirm that while tokens do not expire, if you pull a Silver Surfer you have the same two weeks to roster him or lose him as you do every other character. Mine was rostered in less than one minute.