It would have the same effect it would with other audio interfaces so yes it would!
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I don't have any information on a MkII with Z-TONE but that's a cool idea.
As far as powering with phantom power, yes you can, per the Z-TONE DI web page:
Z-TONE DI runs off a 9V battery for easy portability, but can also be powered by +48v phantom power from your mixer or interface to run longer sessions without worries!
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Just ordered a Z Tone Buffer Boost so I can try it in front of the Stomp I/O. I figured it would make more sense to opt for the stomp pedal format over the table top format