HOWEVER, what makes this interesting is that the generic GCN Controller extension cable that I've got will work as an extension cable for the Coleco system... Weird, eh?
Why shouldn't it? Extension cables only connect the pins from one plug to another, they don't change the arrangement in any way and don't care about the data sent.
The communication protocol is probably completely different, Nintendo never used ports that were just wires to the microswitches in the controller, they always had communication protocols. Of course it doesn't work, the data sent from one device is complete garbage to the other. Careful, you could even damage your hardware with that (e.g. different voltages on different pins).