If the engine, transmission, and, most importantly, the suspension withstands the enormous cornering, it would be doing stunning laptimes, probably 10 seconds inside the current lap records. But if they are to do it on all tracks, they ought to exploit under-car aero to the maximum.
THERE'S YOUR AERO PROBLEM IN F1!!!!! Restrict front and rear wings, make the rear wing an extreme drag-generating device, and rely either on under-car aero with active suspension or make twin-chassis legal, and it will be a more comfortable ride in the car, which might do laptimes at least similar, if not faster, than the current cars. The ground-effect monsters weren't as quick as today's cars because they had much more flexible chassis, less effective suspension geometries, and less developed tires.