Micro study 5 has the diminished 7 chord move up, one fret at a time, from a C to an A at fret XII. Along with a syncopated bass line. Again this should pose no real problems, and the main points from part 1 still apply.
Main tip here is make sure you adjust your LH finger spacing as you move, it is quite wide at fret 2 and very narrow at the top of this idea. The last bar here has been deliberately cut in half, as Villa-Lobos changes ideas mid bar.
Key thing to keep in mind at that point is: