I'm fairly sure that the "limit on partners" doesn't apply on BTS 2006. Are you thinking about BTS 2004 requirements?
The "application" takes over, and Standard can only have 5 of them. So, you could manage multiple partner connections in a single "application", it just makes it bit more challenging. The concept of "parties" still exists, and yes, you manage them from the Admin Console. But from a licensing perspective, it shouldn't matter which Edition you use with regards to party count.