Please note, that this suggested process is not 1:5, but 5:6!
The above image shows a 1L kit diluted to 1200ml working solution for FD, CD and BX.
Here is my personal experience with E6 FD: I dilute this developer 1+9 and use it as very nice black&white film developer for slow films. I did experiments with dilutions from 1:2 all the way to 1+39. Developer speed (the speed of development, not film speed! ) is directly proportional to concentration, i.e if you dilute twice as much you need to develop twice as much.
Note: there is no need for color balance in blacck&white films, therefore I did not investigate this issue much. There will be more developer exhaustion in lower film layers, at the same time lower film layers will be less affected by slow diffusion times. I'd say just try it!
PS: if a negative developer runs out of steam, you will get a compensating effect, which some people consider attractive. If the same happens with E6 FD, your highlights will not clear, which means dull slides. Since E6 film has more layers than black&white film, I would not take dilution beyond 1:6. I did get straight characteristic curve up to 1+19, but quite strong compensation action with black&white film at 1:39 dilution, and E6 film has three times the number of layers over black&white film.