There are three different kinds of the things, some are for hooking SATA drives to IDE motherboards, some will do the opposite direction, and some are bi-directional. Yours is bi-directional, so yes, you can hook IDE drives to SATA motherboards. For that, switch it to 'SATA->IDE' mode.
But I wouldn't get my hopes up on running a Zip drive off one... those adapters are really only for hard drives, although sometimes CD/DVD drives will work with 'em.