You tell me. I don't have a Kobo One.
The collections/database part should/might still work, the autoshelf logo it displays probably either won't display at all or will be glitched, if what gtalusan said about framebuffer pixel format changeing... but the logo is not the important part.
[Except without it you can't tell if it's on or off, but that should not be a problem as long as you don't touch the screen more than once eh?]