No. Redwoods grow in regions near the coast that get lots of summer fog, and I-5 is far from the coast. (I presume you’re asking about coastal redwoods. A separate species is the giant sequoia, which grows in isolated groves in the Sierra Nevada; these are also far from I-5.)

The best coastal redwood stands accessible to the public are all in parks — mostly state parks, as well as two national parks (Redwood National Park and Muir Woods National Monument). Here’s a map showing the locations of the redwood state parks:
http://www.parks.ca.gov/?page_id=24723

You might find some cultivated redwoods around Redding, but no natural stands.

—

From Redding or other places along I-5, you could take highways to the coast; but it’s a long drive that would cancel the benefits of taking I-5.

Probably the shortest detour from I-5 to the redwoods is Redwood Regional Park in the Oakland Hills. This has a very nice second-growth redwood forest. (The enormous redwoods that used to grow there were logged long ago.)

to get to Redwood Regional Park from I-5 southbound:
– exit on I-205, and then take I-580 west
– take the exit to CA 13 (Warren Freeway)
– take the Redwood Road exit; it heads up to the ridge (at Skyline Blvd.) and down the other side (Go through the light at the junction; don’t turn onto Skyline.)
– turn left into the park at the Redwood Gate
– drive as far as you can on the park entrance road, park your car, and walk through the redwoods on the Stream Trail

To resume your trip, take I-580 east back to I-5. (To save time, stay on I-580, and don’t get onto I-205 again.)

Here are directions from Google Maps on how to get from the I-5/I-205 junction to Redwood Regional Park. It says that it’s a 55-minute trip. If you don’t get stuck in traffic, the total detour will be about 100 minutes, plus the time you spend walking. (Watch out for rush-hour traffic in the Bay Area — for instance, I-580 westbound in the morning, and I-580 eastbound in the afternoon.)

http://maps.google.com/maps?f=d&source=s_d&saddr=Interstate+5+%26+Interstate+205,+Tracy,+San+Joaquin,+California+95304&daddr=Redwood+Rd&hl=en&geocode=Fa9UQAIdyq_E-Cn5iA3aQz6QgDF7UjO0GlJBsw%3BFYvJQAIdYze4-A&gl=us&mra=pe&mrcr=0&sll=37.785373,-121.732135&sspn=0.528546,0.898132&ie=UTF8&ll=37.76203,-121.760101&spn=0.528717,0.898132&z=10

Here’s information on Redwood Regional Park:
http://www.ebparks.org/parks
(Redwoods grow only in the lower elevations of the park, near the stream. That’s why you want to enter the park at the Redwood Gate, rather than the higher-elevation Skyline Gate.)

There are no "drive-through" redwoods at Redwood Regional Park. The few that exist are far north of San Francisco:
http://www.roadsideamerica.com/story/2043

—

edit: Sorry — I wrote initially with the assumption that you were driving northbound. I’ve revised my answer to describe a southbound trip.

Instead of getting to the park via I-205, you could also exit from I-5 south onto I-505 south, I-80 west, and I-580 east. Get off at 35th Avenue in Oakland and head northeast; this street soon turns into Redwood Road and leads to the park. This would save many miles (compared to taking I-205), but might get bogged down in Bay Area traffic. It adds only 40 minutes to your trip on the freeways, plus a few miles of local driving. The total delay would be about 1 hour, plus the time you spend walking, plus time stuck in traffic. To resume your trip, take I-580 east to I-5 south.

Here are instructions on Google Maps for this route, excluding the local driving on 35th Avenue and Redwood Road.
http://maps.google.com/maps?f=d&source=s_d&saddr=I-5+S&daddr=I-505+S+to:I-80+W+to:I-580+E+to:I-580+E+to:37.587167,-121.330605&geocode=FSbnUAId5zS7-A%3BFVIeTAIdeCS7-A%3BFRgGRAIdbke2-A%3BFVXTQAIdbOS2-A%3BFZy3QAId3Dy3-A%3B&hl=en&mra=dme&mrcr=0&mrsp=5&sz=14&via=1,2,3,4&sll=37.585602,-121.312923&sspn=0.033668,0.076818&ie=UTF8&ll=38.277001,-121.382446&spn=2.134464,4.916382&z=8

—

The most famous drive-through tree was the Wawona Tree — a giant sequoia in the Mariposa Grove of Yosemite National Park. This tree collapsed in 1969; its death was probably hastened by the hole that had been cut through the base.
http://en.wikipedia.org/wiki/Wawona_Tree