Nickway...It will certainly "work". The only way to tell if there will be any audible degradation is to try it. The degradation you might expect would be Hum, and roll-off of extreme high frequency. I doubt you will be able to hear any problem.
By the way, a "High Output" phono pickup electrical interface is a higher impedance circuit than a "Low Output" moving coil pickup, and is therefore more susceptable to noise pickup. However, a lower voltage signal would require more gain, so even though it picks up less noise the overall result is about the same.
By the way, a "High Output" phono pickup electrical interface is a higher impedance circuit than a "Low Output" moving coil pickup, and is therefore more susceptable to noise pickup. However, a lower voltage signal would require more gain, so even though it picks up less noise the overall result is about the same.