not great? I'm just kidding, I have the GS200 and although the average person doesn't notice the difference when I cut between my dvx and that, it looks like night and day to me. I imagine the quality would be just that, no where near what the dvx looks like with the mini-35.
I think it'd be worth it just to see a tiny little camera with a massive adapter.
I don't think this question matters since no one would do this, anyhow. It's certainly possible, but why spend 10 grand on an adapter, then modify it to work with another camera (more expense right there) just to save two thousand dollars on the camera you use it on. It's ridiculous. If I were to use a mini35, I'd buy an XL2 without a lens. Most resolution, most cost effect, etc. etc.
If you mean "would a home built adapter work?" then sure...it would and it would probably provide pretty good results with the frame mode (especially with the high quality 16:9). Of course, you'd lose a ton of resolution, but it would be acceptable for DVDs and broadcast, but would look awful for film out (which would have to be shot in 60i anyhow) or on a large TV.