Yes it will work. You might have to squeeze the bellows a bit to reach infinity... but it will work.
Lets get technical for the sake of understanding what's going on here.
The lens baby is a universal lens. It's made to fit anything. The only thing that changes is the lens mount. Now, the thinner the body (or more precisely the distance from the front of the camera to the sensor or film plane), the thicker the spacer must be.
Now, the distance required for the Olympus four thirds format is 38.67 mm. But the lens can be bought in a version for Nikon which needs a distance of 46.50 mm. Nikon has one of the greatest distances of all cameras on the market. This means that for using the lens with the 4/3 mount, it would need to be recessed inside the camera by a distance of 7.83mm which is clearly impossible. Now, if you remove the 4/3 mount and replace it by a universal T-mount, the thickness will be a lot less giving you the possibility to mount it to almost anything (probably except Leica R... but who cares!).
Now, if I just knew the thickness of their 4/3 mount and to what camera it will be mounted, I could probably fairly easily predict if it will focus beyond or below infinity. If it focuses below infinity, it means the lens will only be useable as a close-up lens. If not, then it means that the "infinity setting" could be at "10 meters" or something like that. All it would mean is that the lens would not focus as closely as it's supposed to and is fuzzy when set at the "infinity mark". But since this is a flexible lens, it's not a problem.
Wikipedia has a nice article on it
http://en.wikipedia.org/wiki/Flange_focal_distance