Had a chance to take the Pentax adapter out for a quick spin for telephoto application.
The adapter is well made and it feels solid going onto the lens and Q.
The smooth (no-click) aperture ring was not a problem since I was working from a tripod and gimbal. I'll be testing hand held later this week to see if it can be accidentally moved.
I compared the adapter against my 'painted internals' Fotodiox, and I cannot tell a difference in IQ, but I am on a work laptop so don't have access to any editing tools to look closely. Maybe one of you can spot a difference.
I did experience an advantage from the Pentax in that I was able to photograph a swimming pelican that I was tracking with the gimbal, and the leaf shutter eliminated the jello effect that I would normally get from the electronic shutter.
The target for the comparison is a signpost about 60 yards away, you can see it in the iphone shot as a yellow stick on the bank.
DA*300 with Fotodiox (I did not notice this one was a little more open than the other so background has more blur, sorry)
DA*300 with Pentax
Sigma 70-200 with Fotodiox (made effort to match these on aperture, but since there is no indication I had to go by resulting shutter speed, but I think I got it close)
Sigma 70-200 with Pentax
So for now I think if you paint your cheap adapter you should be good as far as IQ, the advantages of the Pentax are in the leaf shutter for eliminating jello and for use with flash such as in Macro application.
I did find that the max speed of the Pentax is 1/1000 - I found this when I had a period of bright sunshine and I tried to up the shutter speed and it stopped at 1/1000. I then had to close the aperture to bring the exposure in range, as I was already at ISO 125. This could be an issue on very sunny days possibly since the aperture needs to be kept fairly open to avoid diffraction.