The fifth-generation (5G) technology standard in telecommunications is expected to support ultra-reliable low latency communication to enable real-time applications such as industrial automation and control. 5G configured grant (CG) scheduling features a pre-allocated periodicity-based scheduling approach, which reduces control signaling time and guarantees service quality. Although this enables 5G to support hard real-time periodic traffics, synthesizing the schedule efficiently and achieving high resource efficiency, while serving multiple communications, are still an open problem. In this work, we study the trade-off between scheduling flexibility and control overhead when performing CG scheduling. To address the CG scheduling problem, we first formulate it using satisfiability modulo theories (SMT) so that an SMT solver can be used to generate optimal solutions. To enhance scalability, we propose two heuristic approaches. The first one as the baseline, Co1, follows the basic idea of the 5G CG scheduling scheme that minimizes the control overhead. The second one, CoU, enables increased scheduling flexibility while considering the involved control overhead. The effectiveness and scalability of the proposed techniques and the superiority of CoU compared to Co1 have been evaluated using a large number of generated benchmarks as well as a realistic case study for industrial automation.