The enzyme forms inosine and inorganic phosphate (Pi). Some kits are available which contain enzyme PNP that uses substrate MESG and Pi to give some colored product. However that may not work for my since inosine will compete with MESG.
Measuring 5'-nucleotidase activity in a cell extract the main problem is to identify the isoenzyme you are measuring, since there are at least 7 different enzymes that can hydrolyse purine monophosphates. Any way if you wont to avoid the kit with MESG, I think that the best way is to measure the conversion of IMP into uric acid at 293 nm utilizing PNP and xanthine oxidase as ancillary enzymes (both are commercially available). The protocol requires 0.1 M phosphate buffer pH around 7, IMP at your convenience, (around 1 mM) and a few microL of both the ancillary enzymes. You should control your protocol measuring nucleotidase activity as function of the volume of extract added to the assay mixture. There should be a linear relationship at least in a low range, if the range is to low add some more of the ancillary enzymes. The delta epsilon mM between IMP and uric acid at 293 nm is 11.15, this method is sensible but of course, as the kit, does not distinguish between a generic phosphatase and the family of 5'-nucleotidases. Good luck, let me know if you need some more help
It's quite expensive, so if you want to use it I would suggest finding a 384-well fluorescence plate reader and some low-volume black assay plates and doing the assay in the smallest possible volume.
Here is another continuous phosphate assay reagent:
https://www.aatbio.com/products/21660
Martin Webb has published several papers on fluorescence-based phosphate sensors based on phosphate-binding proteins with mutations and attached fluorophores. Here is one recent paper: