My understanding, is that it will authenticate just fine.
However, it's likely to get very little or no usable traffic if the original client is still attached I suspect.
If the original client isn't attached, it will work.
The lesson here, is that PSK+MAC is not secure in itself and should only be used when nothing else more secure could work.
When using this stuff, I recommend a limited user-role to protect the network from this kind of thing.