Ca(2)Y(2)Cu(5)O(10) is built up from edge-shared CuO(4) plaquettes forming spin chains. From inelastic neutron scattering data we extract an in-chain nearest-neighbor exchange J(1)≈-170 K and the frustrating next-neighbor J(2)≈32 K interactions, both significantly larger than previous estimates. The ratio α=|J(2)/J(1)|=0.19±0.01 places the system close to the critical point α(c)=0.25 of the J(1)-J(2) chain but in the 1D ferromagnetic regime. We establish that the vicinity to criticality only marginally affects the dispersion and coherence of the spin-wave-like magnetic excitations but instead results in a dramatic T dependence of high-energy Zhang-Rice singlet excitation intensities.