I think it would likely be fine, but I would coat the bottom with pond liner if I were you - I don't know if chlorine can leach into the cement or not, but it's much better safe than sorry. Pond Armor is great. You'll also need to install a different filtration system, obviously.
I use the snap-set kiddie pools all the time for lilies and other water plants, and they don't smell.:grinno:
Depending on where you are located they won't survive the winter if it freezes in your location.
Tell us what you were thinking of doing and we can give you more feedback.