OK guys, I think this can be done!
What we need is Bi-Directional converter for serial and parallel ATA that supports UDMA-7 on PATA side. SATA side isn't important as even the lowest speed (rev.1 ) is 150MB/s which is almost as good as UDMA-7 157MB/s.
I found one here for 38 dollars:
http://www.cooldrives.com/saidecomisat1.htmlQuick check of specs:
Serial ATA 1.0 Specification compliantAutomatic Serial ATA 1.5 Gbps speed negotiation
ATA / ATAPI PIO mode 0 to 4
ATA / ATAPI Ultra DMA of transfer rate 16.7, 25, 33, 48, 66, 100, 133, and
150MB/s.It supports UDMA-7 on PATA-side!!!
Theoretically, only thing needed to make 5D III record to SATA drive would be female "faux CF"-to-PATA passive adapter. I don't know if such exist but I could make one by disassembling old CF card and soldering new lines.

Should we fork this into separate project in order not to fill up this thread?
Mods?