IMO they'll pretty much equal. The bus will take about 20-25 minutes from the time you board (including the stops @ Swan and Dolphin) to get to MK.
If going to catch the monorail you will need to walk to the WS entrance and then through Epcot, catch the monorail, and change at TTC. Depending on how fast you walk it can take the same time or longer. Also, keep in mind that you need park hoppers if you're using this method.
From the BW, I see no way faster than the bus. It's far from speedy travel, but you'll probably be at the MK by the time you walked to the Epcot monorail station.
Keep in mind, from Epcot, you'd have to switch monorails at the TTC.
Of course if time wasn't an issue, walking through Epcot and taking the monorail(s) is a far more pleasant experience!
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