Hello stanwelks,
the short answer is: No. NTSC SD video is always 720 x 480 ... the difference between 4:3 and 16:9 video is the pixel aspect ratio: (almost) square vs. rectangular.
http://en.wikipedia.org/wiki/Pixelaspectratio
I don't have any practical experience with widescreen adapters, but my guess is that what you will get is letterboxed 4:3 footage, even though with better quality than when simply using the camcorders built in 16:9 conversion.
hope this helps
mish