This will in principle work, but it is not a good idea, because of performance limitations of ZD1000. For ZD1100 max for tunneling is 50 MB/s because of CPU. If you have latest firmware version, it may be even less, as it itself needs more resources. And usually GUEST Vlan has many devices and generates most of the traffic, so you don' want to process it in CPU on ZD. You can do it only if you need this network for some occasional users with low traffic requirements, main use of this feature is voice traffic tunneling, which doesn't need much bandwidh.
If you have any chance, creating proper VLAN structure in all switches is much more preferable - it will be more secure and will provide more performance -- limited only with actual bandwidth in network and air.
Hope it helps.