Yeah, I tried the memcard port on my PSone, but it wouldn't power on. Two LED lights would light up instead of one. I've never tested the original Playstation, that one might work since it's not compact and energy-efficient as the PSone.
Price dropped to $14.99 shipped. I went ahead and ordered another; it's worth it just for the included cables and as a universal S-Video adaptor, even if you don't touch the VGA.