Yes, will work. May have to play/adjust to get the hand grenade properly situated on the adapter and being thin metal, they get banged up/ broke falling on hard ground.
I have never used w/ a "real deal" rifle grenade cartridge, but have used w/ standard 5.56 blanks- both USGI and DAG?.
Will launch the adapter and dummy grenade 40-60 yd or so.
The M-16 flashiders are 22mm NATO standard.
I've also found that the "Services of Supply" dummy rifle grenades work well. They are aluminum coated w/ rubber. Eventually the ring will break or the grenade front end separate, but, they last a good long time.
Recommend that you fire plus or minus 45 degree angle to reduce adapter/ fake grenade skimming along the ground breaking fins/ ring etc.
And, firing from shoulder will not break your bones, nor hurt.