It will work, but picture quality using Composite will be very poor. You might want to try the S-Video input since it has better signal quality, but you will need to convert the RGB-signal for that purpose (only CD32 has S-Video). The cheapest solution would be to buy a Genlock on Ebay that has S-Video output (Genlocks are very cheap nowadays).
The best, but somewhat more expensive solution is the CM-345S (aka "Presenter 1"). It has great signal quality since it accepts RGB-signal over a SCART connector. Much better than AverTV and other cheap Composite/S-Video "TV" boxes. There is a lengthy thread
here and several photos and screenshots in the Image section (search for "CM345S").
I actually tried one of those cheap VGA/TV-boxes first, but returned it immediately. The image was not only extremely fuzzy with colour bleeding (typical Composite), but the picture was also jumpy and not stable.