Sure it can work. There are a couple of things to keep in mind:
1) as already mentioned, you have to make each model distinct (or have an easy way of telling who is who) - in most cases, that is having a helmet, shoulderpad, little icon on the front shoulder with a number or something on it.
2) making them look 'bloodbowl' - the easiest way is to use helmets and add a 'face bar' across the front, add a shoulder pad or two, maybe some gloves or brass knuckles, etc. Look at the current minis for an idea.
3) durability - all of the BB models, sans the human and ork teams (the newer ones), are one piece metal. The plastics are one piece plastics. They have to be durable because they end up on the pitch a lot. However you convert them, make sure they're strongly glued, gs'd whatever. They undergo a lot of handling (moreso than in a regular game of 40k/whfb).
Conversions of the current plastics should be pretty easy, since they're plastic. Some creativity and gs skill will come in handy to get some dynamic poses going (though not so much for zombies, I suppose).
Check out the P&M Blogs, CMDante is doing some bloodbowl conversions from empire models. Should be a good source of inspiration.
Good luck and post pics!
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