Chances are giving this a try won't damage your hardware, especially if you're observant about any rare issues when installing (i.e. a fan stops running).
That aside, as someone with a 780G/SB700 mobo, I can tell you it's possible to install. You may get lucky and have a burned copy of Kalyway mysteriously load on your mobo (like mine). iPC may support this SB, but I haven't tried it yet. Point is, it may not be the easiest thing in the world (you might have to resort to modifying a distro to add the SB700 kexts), but it can be done and it's not as hard as some chipsets out there.
As for that ALC1200...hmmm...you better get an old Audigy and the kx drivers, because I'm betting that's way too new.

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Custom Hackintosh...AMD Athlon X2 5000+ (2.6 GHz) on GA-MA78GM-S2H...Linksys WMP300n Wireless...ALC889a sound...ATI HD 3650 PCIe...1 GB DDR2 RAM...320GB Western Digital SATA + 200GB Seagate IDE HDD...Rosewill DVD-RW IDE...Running Kalyway upgraded to 10.5.7...All Fully Functional