I have not tried it so have no answer to the original question. It's not very expensive, considering, so interesting to try.
The genuine MR9 battery adapter contains a diode (probably a Schottky diode) to drop the 1.5v 357 battery to around 1.3v. The voltage drop would depend on current draw, but people who use these generally report good results.
Most of the original cameras using mercury batteries used a CdS photoresistor as the photosensitive element. These can have resistance of hundreds of kilo-ohms to several megohms in the dark. So depending on the meter circuit, if you stored your camera away with the lens cap on or in a dark environment, the current draw of the meter could be down to microamp levels, and the mercury battery would last a long time.
I think the cameras labeled "for mercury battery only" were related to the favorable discharge curve of the mercury battery (fairly constant voltage until it dies, unlike alkalines), under the assumption the average amateur user wasn't going to replace their batteries until obviously dead. Many cameras of that era didn't have a battery check indicator.