Im almost certain it would - they use the exact same motherboards and lockout chips so you shouldnt have any issues (Except for the cart slot needing the tabs removed in order to play/use Japanese N64 cartridge games such as F-Zero X) but im sure somebody else will chip in to confirm for sure ;-)
Yeah, I'm all set in the multi-region cart area - I'll be using a Z64 anyway, so it's not an issue. I just want to make sure that my japanese DD games will play on my japanese DD, even though it is attached to a US console.
get rid of the cart. slot's plastic under the lid and it's the same console. Use the appropriate power adapter naturally.