Would this work for GH1 Audio?

Might work, but you're still going to have problems caused by the automatic gain control inherent in the GH1. A separate audio recorder like the Zoom solves all problems.
 
It actually doesn't look that bad on paper, but for a small item I would expect it to be battery powered. I actually don't know anyone who mixes analog anymore, if you get the Zoom H2 or similar you can be mixing 24 bit, plus the mics are built in. I don't see anything at the $150 price point that competes with that. If you have some nice mics already, you can look into a four channel recorder or an inexpensive laptop interface.
 
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