I'd suggest a pair of inline attenuators to drop the signal down to mic level rather than counting on using the faders to keep levels under control but it should work. Isn't that a bit of overkill for the sound accompanying the movie mode of what is essentially a still camera? If you're looking to interface an external mic for better sound quality, how about something like the AT822 that's built for unbalanced stereo inputs from the git'go?
Thanks, the AT822 looks like a great solo mic to plug into the 5D, but my plan was to record some live performances of a singer songwriter in a bit more of a controlled fashion. I was thinking of using a 1402 VLZ Mackie and taking the unbalanced input (mic/pick up) of the guitar as well possibly a room mic and a mic (AT4050 or two crown small condensors) on guitar, a vocal mic (Shure KSM44 or Crown CM311) into the Mackie 1402, mix to the tape outs, and to mini jack "in" on the 5D. These mics of course need phantom power. The 1402 will also allow a bit of Reverb and any other processing.
This is basically a video for web promotion purposes. I was planning on recording audio that way and using the modeling lights in my studio strobe soft boxes to do the lighting.
I plan on getting some shotgun mics later. Are they very sensitive from 6-10 feet away from the sound source? I'm not quite sure what to expect from them as far as gain.