We present the results of optical wavelength observations of the unusual SMC eclipsing binary system HD 5980 obtained in 1999 and 2004-2005. Radial velocity curves for the erupting LBV/WR object (star A) and its close WR-like companion (star B) are obtained by deblending the variable emission-line profiles of NIV and NV lines. The derived masses M_A=58-79 M_☉ and M_B=51-67 M_☉, are more consistent with the the stars' location near the top of the HRD than previous estimates. The presence of a wind-wind interaction region is inferred from the orbital phase-dependent behavior of He I P Cygni absorption components. The emission-line intensities continued with the declining trend previously seen in UV spectra. The behavior of the photospheric absorption lines is consistent with the results of Schweickhardt (2000) who concludes that the third object in the combined spectrum, star C, is also a binary system with P_star~C~96.5 days, e=0.83.