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So I recently filled out the FAFSA, and selected the schools I am most considering, when prompted to select 10 schools for it to be sent. However, 5 of those schools I am still waiting on decisions from. I have a feeling that some schools will wait to the last second to get back to me. Should I preemptively send out all the financial aid documents for these schools well in advance? Or should I wait until accepted to do this?

Go ahead and send. A financial aid guy told me at an open house that the AdComms at that school looked at it as a subtle message that you're really serious about coming there. I don't think it's going to help you out, but it won't hurt.