I definitely wouldn't, but that's more due to my values/beliefs than anything else.
I think one thing we need to remember is that by this point in time, Jasmine had taken over. Correct me if I'm wrong, but isn't it true that at the end of "Spin the Bottle" Jasmine is more or less awakened? As I understand it, before that time what we saw was a blank slate Cordelia with Jasmine somehow trapped inside unable to emerge. (Not the most believable of storylines I might add, but we'll go with it.) Anyway, when Cordy eats that memory junk at the end of STB, that's when Jasmine supposedly awakens and takes control, suppressing everything that is Cordelia, while drawing from her memories in order to fool the people she was close to. So in "Apocalypse Nowish", which is the episode that follows "Spin the Bottle," what we're seeing is Jasmine sleeping with Connor, as a part of her evil scheme. So, if i'm understanding the events correctly, Cordelia herself couldn't have stopped this from happening even if she wanted to. So what the question should really be is, "If you were Cordelia, would you have left everyone you knew and loved and ascended to become a higher power?" Because that's really where everything started to go south. Sleeping with Connor - not her choice.
But let's say for a second that it really was Cordelia choosing to sleep with Connor, just hypothetically speaking. Personally, I don't think the mother/son argument really holds up considering, as someone already pointed out, Connor was an infant for a very short time, about half of which Cordy wasn't around. Not really enough time for a super strong bond to form. Plus, Connor wouldn't have remembered any of the interactions they had. With that said, there still is definitely an ick factor there on Cordelia's part. But nothing like this has ever happened irl so it's hard to say what any of us would really do. I think a stronger argument against her sleeping with Connor is the fact that she was in love with Angel, and Angel clearly loved her back. How do you do that to someone? You know someone loves you and then you sleep with their son? That's the thing I would have problems with. I guess tho if the world had ended Angel probably wouldn't have found out, but for me it's just not something I could do. And I don't think it's something Cordelia would have done either to Angel, which lends itself to the fact that it wasn't really Cordelia. Bottom line: Jasmine was in control. Just like Cordelia didn't choose to kill Lilah, or do any of the other horrendous things that were done through her, she didn't choose to sleep with Connor.