Possibly. It becomes soft and degrades a bit. It doesn't smooth, but it does lose some structural integrity.
To answer according to your application: Your ABS will melt and bond to the PLA, regardless of how the PLA itself reacts. I don't think it's going to work, I toyed with the idea myself, but that's what I came to in experimenting.
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"keep in mind, even the best printer can not print with the best filament if the user is the problem." -Ohmarinus