The answer is, yes it would take off. The plane would move forward because the jet engines push against the air, not the ground. It doesn't matter how fast the treadmill is moving. It could even be moving faster than the plane. The wheels would spin at twice the speed the plane is actually moving.
Think of this example: A man is strapped to a skateboard that's on a moving treadmill. You are standing behind the man (not on the treadmill) and you have a stick against his back. Even if the treadmill is moving, it wont push the man back because the stick is holding him in place. Now, if you push forward with that stick, the man will move forward too because you and the stick are not affected by the moving treadmill, just as the jets are not affected by the moving ground because they "push" against the air.