| It'll work, but it won't sound great at more than a "living room" volume. Not sure how loud you even want to be busking, but busking is usually about more than great tone. I'd say equipment is rather secondary in that case...
As far as converters work (usually called "inverters"), they generate a 60Hz sine wave and amplify it. At the very basic level, it's simply a power amplifier with it's own 60Hz generated on board, though they can get far more complicated depending on the application. | 
Will this work for bass? Also, how do power converters work! 
