We plan to visit the Tsukiji market while in Tokyo. Doing online research and reading guidebooks, I get a bit of conflicting information.

So my question is, is the auctions area closed off to the public?

On the official website, I read that the tuna auctions are off limits except from 5:00 - 6:15 AM. So, does it mean, tourists can see auction during that open time?

We are planning on going early in the morning, like maybe 5:30 AM, and trying to get some sushi/sashimi breakfast.

What time does the restaurant usually open for breakfast crowds?
Do you think there will there be anything open for us, since we are going pretty early....or are we going way too early?

Yes, but there are some spots from where you can see the action. There are no time restrictions. But visiting the wholesale part of the market is not encouraged generally. Yet, it is still visited by a few dozen if not hundred foreign tourists each morning:
http://www.japan-guide.com/e/e3021.html

What time does the restaurant usually open for breakfast crowds?

We chose hotel close to Tsukiji market (within walking distace).

Our aim is to get there around 5:30 AM, catch some auction action, look at the fresh catch, and sample some great sushi/sashimi for breakfast.

Definitely hope we won't oversleep!