it would be fine, pickups won't matter, they are what they are.
I have a similar thing, the Stealthplug. they just took a tiny sound card and put a USB cable on one end and a guitar lead on the other end. I've only used it a few times but it works OK. I get lower latency with my sound card (Edirol UA101). FWIW I have a Line 6 PodXT for guitar tone.
http://line6.com/products/pod/
all you need is an interface (firewire, USB or PCI sound card) with a "Hi Z" input. no more techshit is needed than that.
don't cheap out on this, if you do it will make your life miserable later. you'll get higher latency, poor CPU performance (you can only do small sets in Live) and more.
avoid M Audio, their stuff is the worst quality and can cause problems, of course YMMV.
honestly, get your guitar tone outside the computer. it'll end up where you want to play guitar but the computer's crashing or acting up. also, there's nothing like playing a zero latency tone source compared to through a computer. you can get a Line 6 Pocket Pod and Pod for cheap new. OR get a used Line 6 Pod first generation for cheap. they released generation 3 of those last year and people sold the old ones for cheap, nothing wrong with them.
if you get a get a Pod, you would run that into the computer just like any synth, no "Hi Z" input needed.
oh, and what gear do you already have?