The liturigical books require the priest to wear the humeral veil.
From Holy Communion and the Worship of the Eucharist Outside of Mass (HCWE):
“99. After the prayer the priest or deacon puts on the humeral veil, genuflects, and takes the monstrance or ciborium. He makes the sign of the cross over the people with the monstrance or ciborium, in silence.”
The 1984 Ceremonial of Bishops is even more explicit:
“1114 After the prayer, the bishop puts on the humeral veil, goes up to the altar, and genuflects. With the help of the deacon, he takes the monstrance, which, with both hands covered by the veil, he holds in a raised position; he then turns toward the people and makes the sign of the cross over them with the monstrance in silence.”
In n. 1108 it describes the deacon using the humeral veil to bring the blessed sacrament from the tabernacle.
The 1974 HCWE seemed to require a white cope. But the 1984 Ceremonial of Bishops seems to allow a “cope of appropriate color” (Ceremonial of Bishops, n. 1106).
From HCWE, n. 92: “The priest or deacon should wear a white cope and humeral veil to give the blessing at the end of adoration, when the exposition takes place with the monstrance; in the case of exposition in the ciborium, the humeral veil should be worn.”
I think benediction is required to last longer than five minutes. From HCWE: "89. Shorter expositions of the eucharist are to be arranged in such a way that the blessing with the eucharist is preceded by a suitable period for readings of the word of God, songs, prayers, and sufficient time for silence prayer. [Footnote 9: See Congregation of Rites, instruction Eucharisticum mysterium, n. 66: AAS 59 (1967) 572]
“Exposition which is held exclusively for the giving of benediction is prohibited.”
In five minutes one could hardly do the required: lighting the 4 or 6 candles, removal from the tabernacle, incensing, prayer before benediction, incensing, benediction and reposition to the tabernacle.
References:
Caeremoniale Episcoporum, Liberia Editrice Vaticana, 1995, ISBN 88-209-4217-8.
Holy Communion and the Worship of the Eucharist Outside of Mass, E.J. Dwyer, Sydney, 1975, ISBN 0-85574-401-4.