Oh the plane will fly just fine, I'm sure the wheels can spin freely fast enough.
Think of it this way, when you come in for a landing, does it matter to the wheels on the airplane how fast your going? I've landed in different aircraft at quite different speeds on several occasions, I noticed the wheels spun freely the same as always the moment they violently reach the tarmac. If the tarmac was moving in the opposite direction at any speed even a matching speed, the violence of the wheels suddenly making contact might be greater but I bet your roll out distance would be about the same if not the same so long as the wheels/tires withstood the adventure.
If you had a gigantic stadium like structure of unimaginable proportion which offered a windless environment. And if you have a stol (short takeoff and landing) aircraft in excellent service. And your magic treadmill runway is linked via transmitter with a sensor in the aircrafts wheels to instantly relay the speed of the wheels to it so it could within nanoseconds match the speed the wheels were spinning. And then if you place the aircraft into position - pilot ready to go as with any normal flight, turn on the treadmill computer and transmitters.
Ok now begin your experiment, what is happening at first, nothing. the plane isn't moving so niether is the treadmill. The pilot starts the engine, realeses the parking brake but keeps the brakes applied, goes through his usual takeoff routine minus taxiing etc...throttles up a bit but still doesn't release the brakes, the treadmill still isn't moving so far.
Now the pilot releases the brakes and applies takeoff power to the engine. The prop which easily moves the stagnant air in our giant enclosed testing stadium back which according to NEWTON causes an equal and opposite reaction thus forcing the aircraft forward. Now what is happening? Same as any normal flight because nothing is holding the aircraft back but as the aircraft is measured at any given speed, it's wheels are spinning twice as fast as normal, whoop tie do, guess what it takes off just fine when the angle of attack and power of the displacement of the air downward caused by the wings creates the opposite and equal reaction again as NEWTON described now known as a law which is that
lift part of the equation needed for flight to happen, only with faster spinning wheels by twice as much than normal as it lifts off. Any questions? If so the link in the word
lift is the same link on NASA's website were even they host the popular(3rd grade) explanation of how an aircraft flies but this hyper link happens to link you to a more adult explanation on the same word in the same way I've hyper linked it (twice now) in this post for your personal edification. :laugh: