Not according to the dictionary. Conversate literally defined as “to have a conversation”. A conversation isn’t limited to interactions over 5 mins. More from Merriam-Webster:
Converse functions as a noun, adjective, and verb, and conversate is synonymous with only one sense of the verb use of converse (“to exchange thoughts and opinions in speech”). Furthermore, conversate is a nonstandard form, and widely frowned upon in formal writing.
I think it’s fair to say it’s widely frowned upon by most English speakers. It’s longer than the original word, has much more limited usage, and it immediately makes you sound like an idiot. It’s awful.