Will the plane be able to take off?-
YES. As long it's engines are being employed. When the engines are revved, the plane will move forward no matter how fast the wheels are moving beneath it. The wheels would just be going the speed of the treadmill PLUS the airspeed of the plane. The plane would eventually be travelling fast enough, then.... off into the sunset.
The only thing that would stop it is if the bearings on the wheels toasted and seized.

-Dave D
Reservoir of Useless Knowledge

"But... If I kill all the golfers, they'll lock me up, and throw away the key..."
-Bill Murray

'84&change Monty MPI Turbo, choptop, f&r lsd, swapped in AT- All the goodies!