There is no theological error in the phrase “take the Eucharist.” “Take” is common and perfectly fine, in the
sense of “to receive into one’s body (as by swallowing, drinking, or inhaling) <
take a pill>”. “Take” and “receive” are essentially interchangeable anyway, since “receive” comes from Latin
capio, which means “take in hand, take hold of, lay hold of, take, seize, grasp.” Same difference. I’m not sure why this issue is such a hobby-horse on these boards, although I suspect that it is because, subconsciously or not, people wish to equate “taking Communion” with Communion in the hand and “receiving Communion” with Communion on the tongue. Well, a person can certainly be said to “take Communion on the tongue.”
“Take Communion” is also a well-worn traditional usage; for a handful of examples, see
[1],
[2],
[3].