Make drupal cck field behave as "an add more button"? Is it a way to make a Drupal 7 entity field behave as 'an add more button', but with finite number of values?

For example, initially there is only one form field for inputting the value showing, then I can keep adding up to 4 more form fields. I can set it to maximum 5 fields, but it will show 5 fields all at once. The client only wants to show 1 field initially.
This functionality is not available out of the box. But it's something people have been asking for (repeatedly) since at least D6 CCK 2:


Enable 'add more' button for non-unlimited fields.
Provide "Add more values" button for fields (and multigroups) with fixed number of multiple values
'Number of repeats' uses 'Add more' button
"Number of Values to Display" option for CCK fields


User goron has developed a contrib module for Drupal 7 called Multivalue Settings.

But be aware - from the module description page:


  Warning: this module is still very buggy. Actually, it only works in
  very few use cases. I suggest to only attempt using it with core
  fields (not fields from contrib modules). Even this may not work.


And it hasn't been updated in over a year.

Screenshot of Multivalue Settings functionality: