I brought in a F-LTM adapter for one of my customers a few months ago. Yes, you can mount the lens on the LTM or M bodies, BUT there is no RF coupling that means you can only shoot at infinity or guess focusing.
The adapter would be useful for the CV 12mm or 15mm F mount lenses so that it can be used with the Nikon & LTM bodies. Focusing at infinity most of the time.
For 35mm or 50mm Nikon lenses, I personally think it would still be possible to use at infinity. ... if you take the trouble to use it. ... yes, I know it's cool. As for image quality, I think it might yield unexperted results.