With a 1.4x you're losing a stop, make the DOF even narrower needing further stopping down and the subject could be inside the lens itself at max magnification, I don't think it's suitable but you'll find out yourself very quickly.
sorry for beeing harsh, but you are totally wrong::
1. The 1.4 converter „produces“ a 4/140 lens. Using converters could be a big topic for final quality, but the lens has great quality and this converter is the best I used in 30 years. So this combo should give good results, but that is something I will test in the next time.
2. The depth of field is in short a function of the final magnification and the used aperture. Using 1:1 with both variants and open aperture (to compare) will produce a larger DOF with the converter combo, because it is 4 and not 2.8. But in general using open aperture works only in special situations, because the DOF is extremely small at all…
3. The converter extends the focal length, but the minimum focus distance stay the same. There could be small changes and you have to reduce the length of the converter itself (the minimum distince is counted from the body, not from the front lens). So using 140mm of focal length extends the distance to the object at 1:1, using the minimum focus distance with converter will result in 1,4:1, which is not possible without the converter.
4. Taking pictures of insects or other small animals which fly away quite quickly, the 2x converter would be even better (if the quality is fine): it would give us a 5,6/200 and 200mm is a great focal length to take macro shots of insects. The 5,6 is ok, because you need to stop down for living insects anyway…
The lumix is great option for the l-mount system and I‘m very happy that Panasonic invented something new! But the price is also quite high and I bought the Sigma because of that and because the final quality is even a little bit higher than with the Lumix. I think, If someone had offered me the Lumix for the same price, my decision would be different…