Actually, no.
You can't do it.. It's not the protocol, it's the power...
16-bit PCMCIA doesn't provide 5v, so there's not enough voltage for USB.
Cardbus has the 5V option, which is why you'll see cardbus PCMCIA cards...
desiv
The A1200's 16-bit PCMCIA slot does use 5V, but can't provide 3.3V. 3.3V is used by some PCMCIA and CardBus cards. There are notches on PCMCIA cards and slots to prevent you inserting a 3.3V-only device into a 5V-only slot.
BTW, any other questions people might have on this topic have probably already been answered in previous threads on this and other Amiga forums.