Yes, of course you can do it - virtually all telephone installations in an office environment are done this way, albeit on a larger scale.
Questions to ask ;
1. Is it a bog-standard POTS telephone ? I.e. plain old telephone that can plug straight into a regular BT style socket ?
More than likely YES.
2. Have you got ADSL broadband ?
If so, some thought into where the filter needs to reside will be required.
3. Is your Cat5e cabling fully tested with standard pin-outs ?
The adapters you can purchase are basically intended for 'phone service running over CAT5 from a PABX and associated central patching.
Since you intend to take the 'phone output from the BT Master socket (from the consumer side) you don't need another Master type socket in the setup.
You need an RJ45 to Secondary Socket adapter for the remote RJ45 socket - this is a passive adapter.
There are a number of options for the BT socket end - personally I would be tempted to run a short length of Cat5e from the master socket extension Krone block (if it's of the modern type with the detachable panel) to your own patch panel.
Most important thing it to keep the conductors in parallel - I.e. Pin 2 from the BT socket appears as Pin 2 at the remote end etc etc.
Hope that is of some help.