I was going to post a similar question, optimizing the footprint for a similar 5mm TH RGB. My PN is TJ-L5FYTXHMCYLCRGB-A5
The EasyEDA footprint is 1.27mm, 0.7 mm hole 1.00 mm pad diameter.
My footprint, 1.27 mm spacing, 0.7mm hole, 0.95mm pad, resulting in 0.32mm gap between pads. My soldermask was only 0.1mm between copper pads, but I do not actual gap (ie vendor probably changed it some).
I had some pcbs made and assembled at JLCPCB, no solder bridges in 10 samples, but the pads still look too close and I am amazed there wasn't a single bridge.
At least on this LED, the pins are NOT square or even rectangular. The legs do not have sharp corners but radiused, very clear under a microscope. Datasheet indicates 0.5mm width. I measured 0.47mm x 0.53 which would be 0.708mm across. But I measured 0.57mm diagonal due to the radiuses.
I am going to use oval pads, keep the 0.7mm hole and use a 0.85 mm (minor) diameter pad.
The attached picture shows the new oval layout and new pads from the original layout for reference.