Won't the VoIP codec break the modulation? I doubt the speeds would be stellar, anyway.
You're adding latency though, because g.711 over RTP is generally sending 20 ms bursts of data, so now you've got that to deal with.
I don't know if the cisco ata's short circuit the audio path if both ends of the call are on the same gateway, if so that would eliminate or significantly reduce the latency penalty.
If you were calling into an x2/kflex/v.90/v.92 modem bank, that was hosted on a T1 (or larger), and v.92 could get 33.6 up, 56k (or so) down. It should be possible to recreate that with VoIP, but I don't know that anyone is that dedicated... anyway for end user modem to end user modem, 33.6 is the limit.