Not really, and here's why:
1. The flash drive may require too much power for it to function in which case the iPad will display a message saying "The connected USB device requires too much power" and will simply not work
2. The connection kit looks for a folder called "DCIM" which is created by digital cameras and is the place all your photos are stored.
3. It is designed only to work with pictures and movies so any other file/document is not likely to work