CAPT OF A B737-500 ABORTED TKOF DUE TO TKOF WARNING HORN DURING INITIAL TKOF ROLL CAUSED BY THE WRONG WING FLAP SETTING.

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OUT WHOLE CREW ARRIVED LATE TO THE ARPT DUE TO HOTEL TRANSPORTATION PROBS. UPON REACHING THE GATE WE WERE TOLD BY OUR GATE AGENT THAT A 'RUDE AND COCKY' FAA OPS SPECIALISTS DEMANDED TO BE LET ONTO THE AIRPLANE. HE WAS ON THE AIRPLANE WHEN WE ARRIVED AND HE WAS LESS THAN COOPERATIVE. I ATTRIBUTE HIS PRESENCE AND DEMEANOR AS A PRIMARY FACTOR FOR THE CAPT'S AND MYSELF DISTRS. WE NORMALLY BRIEF UNUSUAL PROCS; EQUIP; DEPS; ETC; BUT FAILED TO BRIEF THE FACT THAT WE WERE IN A DASH 500 JET WHICH USES FLAPS 5 ONLY FOR TKOF. WE HAD BEEN FLYING A DASH 300 ON ALL SEQUENCES PRIOR. THE DASH 300 USES PRIMARILY FLAPS 1 FOR TKOF. AFTER PUSHBACK THE CAPT CALLED FOR FLAPS 1 FROM HABIT. BEING A NEW FO (MY FIRST MONTH ON LINE) I SELECTED FLAPS 1 AND DIDN'T MAKE THE CATCH EVEN THOUGH I HAD FIGURED FLAPS 5 TKOF DATA. TKOF PWR WAS APPLIED BUT NOT YET ATTAINED AND THE TKOF WARNING HORN SOUNDED. THE CAPT ABORTED THE TKOF. WE HAD NO AIRSPD INDICATION YET AT THIS TIME; BUT WE STILL REVIEWED PROCS; IE; BRAKE COOLING; PAPERWORK; ETC. WE SELECTED PROPER FLAP SETTING; NOTIFIED PAX; THEN RE-RAN THE CHKLIST FOR ANOTHER DEP. THE REST OF THE FLT WENT UNEVENTFUL. THE CAPT AND I DISCUSSED THE POTENTIAL FOR THIS TO HAPPEN AGAIN AND WE BOTH AGREED THAT A RED LINE PLACED ON THE FLAP INDICATOR FROM FLAPS UP TO FLAPS 5 ON ALL B-737-500 JETS WOULD HELP TO VISUALLY CUE THE FLC TO MISPLACED FLAP SETTINGS. I ALSO FEEL THAT MY INEXPERIENCE IN THE 737 ALONG WITH HAVING AN FAA SPECIALIST LOOKING OVER OUR SHOULDERS HELP TO SET THIS SIT UP. I KNOW THAT I WILL BE MORE AWARE OF THIS 'GOTCHA' IN THE FUTURE AND MAKE EVERY EFFORT TO AVOIDED IT.