Hi chocola,
I am in the dental profession and will try to help you. To make it easier to follow I will repost your questions and answer in bold type.
<<<1. Since 5 implants are definitely out of question because of the size of the bill, I am considering to get a removable dentures. Bridges are a big no for me because I don't want to sacrifice my other healthy teeth. But I still feel unsure about leaving the gap unfilled with something permanent as in implants. I worry *later I will experience jaw bone loss on the areas, or receding gum, or the other teeth will shift and create a whole new chewing problem. What should be done on the day of extraction to prevent such things from happening?>>>
PARTIAL DENTURES "IF WORN DAILY" WILL PREVENT THE ADJACENT TEETH FROM SHIFTING INTO THE EMPTY SPACES. TO HELP ENCOURAGE THE GROWTH OF NEW BONE AND TO HELP MINIMIZE THE BONE LOSS AFTER THE EXTRACTIONS, YOU CAN SPEAK TO YOUR ORAL SURGEON ABOUT PLACING BONE GRAFTS IN EACH SOCKET. THE BONE GRAFT MATERIAL STIMULATES YOUR OWN BONE TO GROW INTO THE GRAFT.... EVENTUALLY BECOMING ALL OF YOUR OWN BONE.
<<<2. Is it difficult to chew with dentures? Well, I am a big foodie, so I really don't want to lose the joy of eating just because I wear dentures. I am already quite sad that I have lost couple of lbs since mid of June because I lost my appetite due to the painful teeth.*>>>
IN THE BEGINNING IT IS "ODD" TO CHEW WITH PARTIAL DENTURES. FOOD CAN GET CAUGHT UNDERNEATH WHICH CAN SOMETIMES BE UNCOMFORTABLE. USUALLY THE APPLIANCES NEED TO BE REMOVED AND RINSED OFF AFTER EATING. IT IS TYPICAL TO NEED A FEW ADJUSTMENT APPOINTMENTS WITH THE DENTIST TO TAKE CARE OF THE AREAS THAT NEED TO BE BLENDED INTO THE BITE BETTER. IT IS IMPORTANT TO BE PATIENT AND TOLERANT DURING THE FIRST FEW WEEKS.... EAT SOFT FOODS AND GRADUALLY GO INTO MORE CHEWY FOODS.
<<<3. Now I am also aware of my long root teeth, I worry if extraction will have complications. What is the worst I can expect from the extraction? And should I do the extraction one side at a time or just extract all 5 at the same time? I think I can survive eating yoghurt and such for a week or so. And should I have the extraction done by an OS or a regular dentist is fine?>>>
DEFINITELY HAVE THE EXTRACTIONS DONE BY AN ORAL SURGEON. THERE IS NO WAY TO ANTICIPATE IF YOU WILL HAVE COMPLICATIONS DUE TO THE LENGTH OF THE ROOTS. BUT PLEASE KNOW THAT MANY PEOPLE HAVE LONG ROOTED TEETH WITH NO COMPLICATIONS. MOST OF THE TIME EXTRACTIONS GO JUST FINE. TRY NOT TO IMAGINE THE WORSE AND DO YOURSELF A FAVOR AND STAY AWAY FROM ANY NEGATIVE INTERNET BLOGS ABOUT EXTRACTIONS. STAY FOCUSED ON BEING POSITIVE AND PREPARE CERTAIN THINGS AHEAD OF TIME TO MAKE THE HEALING PHASE EASIER FOR YOU. FOR EXAMPLE... PREPARE A SOFT FOOD DIET RICH IN NUTRIENTS AND ONLY HEALTHY FOOD CHOICES. PLAN ON TAKING 2-3 DAYS OFF OF EVERYTHING ELSE AND MAKE IT ALL ABOUT YOU

DOING ALL 5 AT ONE TIME CREATES EATING VERY DIFFICULT BECAUSE IRRELEVANT OF WHAT YOU EAT, YOU WILL BE GETTING FOOD DEBRIS IN THE SOCKETS. MANY PEOPLE CHOOSE TO DO ONE SIDE (UPPER AND LOWER) AT ONE VISIT AND THEN A MONTH OR TWO LATER THEY DO THE OTHER SIDE.
<<<additional info (dunno it has relevancy or not), I have completely grown upper wisdom teeth, but the lower two are impacted & still not out (yet). The OS said there is no need to remove as long as they don't give me problems, which they haven't so far. The lower left side is very close to some nerves, which the OS said will potentially give me problems in the future.>>>
THERE IS NO REAL REASON TO REMOVE ERUPTED HEALTHY WISDOM TEETH UNLESS THEY ARE ACCUMULATING PLAQUE BECAUSE THEY ARE DIFFICULT TO KEEP CLEAN.... OR THEY ARE SUPRA ERUPTING INTO AN EMPTY SPACE ABOVE OR BELOW THEM. IMPACTED WISDOM TEETH CAN BE LEFT ALONE UNLESS THEY ARE INFRINGING ON THE SECOND MOLAR SPACE OR THEY SHOW RADIOGRAPHIC OR PHYSICAL SYMPTOMS OF INFECTION.
ANOTHER POSSIBLE REPLACEMENT OPTION MAY BE...
Have you considered replacing the top teeth with a removable partial denture and the two lowers with dental implants?
Bryanna