Way to go!!!  Seriously, congrats on getting out there and goin for it.  Now you have your first crash out of the way. 
You are right , it doesnt look to bad.  I would cut away the covering to get a good eye on it to be sure of the damage.  espcially where you say that 5in crack is.  If it is just a crack you can apply some CA glue and it will basically weld it back solid.  It will be stronger than the balsa around it. 
I have never built a plane that had rubber bands holding the wing.  But I am sure you need to make sure that area is not weak.  Reinforce that area if it is damaged.  From the pics, the damage looks superficial.
And if it was me, I would cut away those engine cheeks, just for easy access to the engine.