Handling dynamic URLs through my custom module
Firstly, you should not define a callback as ['/test-1'], instead just use ['test-1'], without the slash - '/'.
Check here - http://api.drupal.org/api/drupal/developer!hooks!core.php/function/hook_menu/6

If you want to create 100 menus, go ahead, this is the way you can do this.
If just the path is changing and nothing else, I would recommend to create an array, and then loop it, defining the value of the array item in the menu-path. 
something like this - 

$arr = array('test-1', 'test-2', 'test-3', 'test-4', 'test-5');
foreach ($arr as $a) {
  $items[$a] = array(
  'title' =&gt; 'Test',
  'page callback' =&gt; 'drupal_get_form',
  'page arguments' =&gt; array('mymodule_test'),
  'access arguments' =&gt; array('administer mymodule'),
  'type' =&gt; MENU_NORMAL_ITEM,
  );
}


This will be less code and quick.