Nope... Your assumption is incorrect. An adaptor does not introduce any magnification unless there is an optical element in it. Most so not has optical elements. All they do is correct the Flange Focal Length (
http://en.wikipedia.org/wiki/Flange_focal_distance) so that the lens will function as it was designed to.
I'll repeat what I posted in another discussion:
Focal length is an optical measurement. It has nothing to do with the sensor size.
http://en.m.wikipedia.org/wiki/Focal_lengthA 50mm is a 50mm no matter what camera you put it on - a BMCC, Super35/ASP-C, Full Frame, Medium format, Large Format etc. still a 50mm.
What changes with the sensor/film size is the crop into the image circle.
So if you are used to shooting on Super35 film cameras with PL lenses you don't say "oh this is a 50mm on a Canon 5D so it must now be a 75mm on my Arri Alexa". It's still a 50mm.
The crop factors are there to give you a guide as to what your lens crop will look like based on your point of reference. For many coming from the 5D that point of reference is Full Frame 35mm (2.3x) and for those coming from Arri Alexa or a 550D it would be Super35/ASP-C (1.5x).
So if you took a 24mm Nikon lens that you have been using with an adaptor on a 550D and used it on the EF mount BMSS the 550D image would cropped by 1.5 (not magnified). If you put that lens on a Nikon to MFT and put it on the MTF BMCC the image would cropped by 1.5 (not magnified).
Both images would look the same on the BMCC no matter what mount.