Should work great - the Pegasus III is still a VERY VERY fine lens. I have seen a Pegasus II be sharper and have less CA than some of the cheaper HD 2/3" video lenses. And the Pegasus III should be even better. I have two of them and a Pegasus II, and I'm about to mod one or two for the GH1 (permanent mod). Haven't tested it yet, but I'm sure it should work awesome. I'll let you know the results if I get it done before you get your adapter.
Many people think that the only lenses that are any count are the newer ones, and tech has improved, but high-end older glass is still very nice, much nicer than cheap new stuff, even if it has the "80s tech" look to it :-D
I'm glad to hear that! I will check if I can supply +12V to zoom handle and get functional zoom servo. Also, I would like to connect "REC" button to GH1 movie button.
This is just mind-boggling if it works. 600$ body and old lens gives 17-238mm in full glorious HD