Yes, both of these sound fine. "I take five minutes..." sounds more like it is a deliberate act to take five minutes (the subject decides the amount of time) "It takes me five minutes..." sounds more like the subject's action is more determined by the bus schedule. Nobody would ever misunderstand you either way, Richard

Well yes, it can, but in a different context, as in "I'll take you in my car". But in your example, "me" is not the the direct object, but an indirect one. The direct object is "five minutes".

You mean "I take five minutes to get ready" or whatever? Yes, you can, but it's not usual. You might say it when comparing different people: "I take five minutes to get ready, but my brother takes fifteen". But by itself, what you started with is the most common: "It takes me five minutes to get ready". Note that this construction is really a circumlocution for "To get ready takes me five minutes", and in that case, the subject of the sentence is "to get ready" rather than a reference to a person.