Ok I finally figured this out! After poking around the internet I learned that VST and VST3 are basically for Windows users and AU is for Mac users and AAX is for Avid users of both Windows and Mac. Since I always installed all three versions (VST/VST3, AU, and AAX) of plugins and since SO5 apparently scans for all versions, I was getting the multiple listings. So, since I am a Mac user I simply deleted VST, VST3 and AAX versions of my plugins in Finder and left the AU versions alone. I then re-started SO5 and like magic I now have each plugin listed only once in the Instrument and Effects panels. If for some strange reason I hadn't installed the AU version of a plugin I guess I will found out when I can't find it!
I found the three versions here:
The AU plugin is at location:
/Library/Audio/Plug-Ins/Components
And the VSTs are at locations:
/Library/Audio/Plug-Ins/VST and /Library/Audio/Plug-Ins/VST3
The AAX plugin is at:
/Library/Application Support/Avid/Audio/Plug-Ins