Here is an excerpt from an e-mail that I got back from a ZON sales and marketing director in response to this question. It is not a definitive NO, but it doesn't look like it was meant to be used over speaker wire. I was hoping that I had heard wrong, this would be a kick-ass system to be able to offer in a retro.
"Here's a quick blurb on the ZWA-2 wire adapter:
Minimum Requirements for the wire to be used:
1. Each wire run must consist of four (4) conductors, configured as two (2)distinct twisted pairs. 2. When using jacketed cable, each conductor of a connection pair must be contained within the same jacket. 3. Each conductor must be a minimum of 18 gauge. 4. Each conductor must be continuous from end to end and have no active or passive components connected. 5. No voltages present on any conductor (with respect to any other conductor or earth)
So, a good bet would be to say that four wires in a jacket with no distinct pairs will not work. The issue is that there needs to be two twisted pairs so that we can get the right electrical characteristics from the wire needed for our unique system.
If in doubt, the best way is to test it before doing anything drastic.