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The script will work for a domain in MDS and will work with VSX.

I believe all objects will be created and duplicates may get a different name.
Also, some placeholder objects will be created, which will have to be handled manually after the fact.
This is for objects that do not have API support such as gateway objects (added in R80.40), VS (no API for these yet), and a handful of others.
A new policy package will be created with all the rules.
It won't merge it into an existing policy. 

I highly recommend importing into a test management server/VM so you fully understand the behavior and the work involved and can precisely test the things you're interested in (duplicate objects, etc).