Just try it! It might work, and then you can let us know. If it doesn't, post the output here.

Well, since I'm not a Mac user, and probably many/most of the readers here are not, maybe you could be helpful by explaining what Papers does for you. I have several very large BibTeX databases, and I manage them all with Kbibtex. It's reasonably fast, handles large collections well, and even links automatically to a number of online citation databases for easy searching and downloading.