If you can mechanically adapt the EF lenses to the FD bodies, then you can shoot them wide open. EF lenses have their apertures set electronically, so you would be limited to shooting wide open. You'd also need a hand held light meter, or to be good at guessing exposure.
What would be neat would be an adapter that incorporates a mechanically-set aperture ring that would electronically control the aperture of the EF lens, but no such thing exists, TMK.
Even high-end EOS bodies sell for peanuts now. I got my EOS 3 in like-new condition, even with the box, for $180 shipped via A.P.U.G. classifieds. At that price for a 3, it would be hard to suggest anything "lower."