You can do it however you want Especially if you're doing the production.
I would think of it as a tv series, but in the 3-5 minute mark (maybe even shorter, especially if it's animated). Or you could think of it in terms of serial sequences of a feature film, but instead of 12 minute sequences, you again have 3-5 minute ones.
The same concepts of acts still hold, I think. And you can structure a season or series in terms of acts as well.
I can talk in more detail if you like. Let me know if you have any questions.
Thanks for the info LF. I may be picking your brain once I finish my outline on this project. While I think animation would be best, it may be easier (cheaper) to have actors. Still debating with myself and trying to decide what would be the funniest visually.