I don't think it would impact in the slightest how most of us would support Liverpool. We all want the team to be successful, competitive and challenging for the major trophies. If having a "feeder" club as a place for us to bring in young players from, for example, South America and polishing up those of our own home grown academy lads, then there is clearly a benefit in taking over another club.
I do however have sympathy with Jill's comments, particularly as a large proportion of our DNA as Liverpool fans is that we have a certain moral way of following football and it is not "win at all costs, sod the rest of you". To take France as an example, to totally absorb clubs of the size and history of Bordeaux, Auxerre and St Etienne would be wrong. "Les Verts" have been my French team (of sorts) since 1977 because of that great night at Anfield and I have been to the Geoffroy-Guichard. Their passion is pretty intense, despite presently being in Ligue 2. They mostly have a soft spot for Liverpool, there were photos of us in their museum when I was last there. That passion would I am sure turn to anger if we "bought" them.
Having said that, a small club that has never had success, perhaps like Paris FC or Dieppe, may take a different attitude if for the first time they became a side that actually challenged for honours.