Hard to say. Roshi's insistence that only the Mafuba would work shows that the Kikoho would be useless against even Old Piccolo Daimao, but that may be a different story at less than half his power. In the anime at least though, Goku said even this Daimao's power and speed were in a completely different league, suggesting that >50% Daimao > Kikoho. Considering that, I'd say Daimao still overcomes it, though it may take some effort and do at least slight damage.