"It" is the subject, "me" is the direct object. You don't say "The ball will hit I.", do you? "I" if you are the subject of the sentence. "Me" otherwise.
"I" if you are the subject of the sentence. "Me" otherwise.
Not necessarily. You didn't address me, but I brought it up. Hit is a different kind of verb than "to be" (am, is, are, was, were, be, etc.). The latter I was taught is a linking verb and the object? is expressed in the nominative case which would be the same you would use for the subject. A verb like hit is an action verb or transitive, maybe it's intransitive, never understood the difference on that, verb which has an object. The objective case for the word I is me, so you are correct about that.
Here is a page called The Tongue Untied:
A guide to grammar, punctuation and style
Example on page if you scroll down: "It is I who have allergies."
Just don't hit me.