If i activate a characters effect, before the draw phase then use Fifth dimension on it, (yes it RS) will it come back into play exhausted or ready?

It will come back into play ready.

added question....

Fifth dimension....does the ability allow you to get around 2 characters with same name issue???

one's in play use location, blink it out, play same name..first one comes back in.. no checking b/c it didn't come from my hand.

correct????

Yes, that would work fine; Copy 1 of your character isn't in play when Copy 2 is recruited, meaning Copy 1 does not have to be KOed. And when Copy 1 returns to play, it has not been recruited, meaning Copy 2 is not KOed. That's the key, by the way---you don't check for uniqueness because Copy 1 isn't being recruited; it's not a matter of which zone the card comes from.

As a small sidenote, when you said that you were using your character's power before the draw phase, remember that the draw phase is the first part of each turn. You're just using Fifth Dimension on the previous turn.