The object of pre-soaking is twofold. For me, it is mainly to get the emulsion thoroughly saturated so that the sheets of film don't stick together when tray developing. This means submerging each sheet one-at-a-time in the pre-soak at intervals. For me, the sheets will stick together unless the interval is at least 15 seconds. After the last sheet is in the pre-soak, I shuffle through the stack for 2 minutes to make sure that the emulsion is fully saturated. I can imagine that a not-completely-saturated emulsion when put in the developer might exhibit uneven development due to uneven diffusion of the developer.
Which brings us to the second reason for pre-soaking; ensuring even development. In theory, if you get all of the negative into the developer quickly (simultaneously) the developer will diffuse into the emulsion at the same rate and a pre-soak is not necessary. Sometimes, this is not always easy (e.g., pouring time in tall tanks with many rolls, etc.) and a pre-soak seems to slow down the rate of absorption of developer enough to prevent streaks and mottling.
In either case, making sure the emulsion is completely saturated with water is important. I think five minutes is overkill (three works for me just fine), but will certainly ensure complete saturation. Films with thicker, harder emulsions will take up water more slowly, so when in doubt, longer is better.
Someone out there likely has better data on exactly how long it takes for film emulsions to become completely saturated. Maybe they'll chime in.
Best,
Doremus