Will it really work with any floppy drive?
Yes, all 3.5" drives have more or less similar timings which match or exceed the ones specified in the hardware manual (some oddball 3.5" floppy drive from around 1981 might not be 100% compliant, but you wouldn't likely come across one anyway).
By timings I mean parametres such as head settle delay, track-to-track steprate, write gate-to-data gap etc.
So all you need is to route the signals where the Amiga interface expects them to be, and that's what the modified cable does (the READY signal isn't really a true READY signal but rather an imitation hack, but works well enough for instances where it's required. AmigaDOS and OS-compliant software never uses READY anyway).
But I want to use the original Amiga floppy drive as DF0 too.
Just use two cables. An unmodified straight-through cable for the original Amiga drive, and a modified one for when you want to use another drive.
If, on the other hand, you want to permanently convert a random PC floppy drive into an Amiga one, just implement the cable signal changes directly onto the drive.
For ID fixing, move the DS1 jumper (0 Ohm "resistor") to the DS0 position.
For DISKCHANGE fixing, backtrack from pin#34 and see which pin of the square FDC controller chip connects to it (verify with a continuity test). This is where DISKCHANGE is produced on the controller.
Cut the traces right behind pin#34 and pin#2 (so that they connect to nothing) and solder a wire from the FDC controller pin you just found to pin#2. This routes DISKCHANGE to the otherwise isolated pin#2.
Solder a diode between pin#8 and the otherwise isolated pin#34 (cathode on pin#8, anode on pin#34). This imitates (*) READY on pin#34, and the conversion is complete (**).
(*) If you want a true READY signal, you'll have to find which pin on the square FDC controller it's produced. The READY signal will be steady at around +5 V when no disk is in the drive (motor idle) and will drop to 0 V about half a second after a disk has been inserted (motor at full speed).
Once the READY pin on the controller chip has been identified, you can connect it directly to the (otherwise isolated) pin#34 and skip the diode altogether.
(**) You can also fix the HD detection switch permanently to the DD position, so the drive behaves as a DD drive at all times.