Really it all depends on several things.
One is that the thinness can actually play against you in paring knives. This can be hard to make a lock contact work on one that thin for very long if a frame lock type or a liner lock, and it can be problematic for a lockback with the lockbar being that small but yes it can work at times. Again thickness is key I think, and I base that on actually trying to do some thinner folders.
Currently I have found what works best for me and I try to stick with 3/32 as the minimum thickness I work with and prefer in folders and 1/8" being the max. All my own blades you see me making here are 3/32" thick stock not the standard 1/8" everyone else uses. I buy the precision milled 3/32 bar stock for mine and find that is worth every penny for the consistancy from one end of the bar to the other. Its triple the cost but I like it and have enough to last me a while yet so I won't need any for a long time.
Also, some of the stainless kitchen cutlery is, well, sometimes less than the greatest of steels and most are 56 Rockwell or less in hardness so its not always worth the effort to bother with one unless you were to get a good brand you knew was using VG10 or some other better steel.
My good friend Dirk, (Oupa) takes some carbon blades that are for the kitchen and makes some really neat friction folders out of them. I'm sure it would be very easily done with stainless also. You might want to check out some of the ones he has posted on his forum.
http://forum.ramanon.com/forumdisplay.php?f=149
I have not personally converted any paring knives to a folder. I have taken fixed blades made by others as well as some I did originally for myself and converted them though but again these were plenty thick.
Just in pulling out three of my frequent users in the kitchen to look at them before posting I note that there is a taper to the paring knives I have here. In other words at the flat unground part of the handle its thinner on the bottom tapering to thicker at the top. This would not work very well for a folder if that is where it was to pivot being more a wedge shape than flat. So I'd caution looking at that and if you are ordering one mail order there is probably no way to see that until its already been paid for and delivered.
I hope that answers your question.
STR