I have the MCON-P01, and I think it's an excellent work-around for occasional macro shots. I don't know much about the differences between the 01 and 02 models, except that the 01 fits the Oly 14-150 and 40-150 lenses as well as the 14-42, and the 02 doesn't, although it fits some other Oly lenses that the original model doesn't. If you have the 14-150 or 40-150, you might want to think about looking for the 01 model of the MCON.
You don't say which version of the Oly 14-42 you have. Make sure it's not the original (Mk I) version, which has a 40.5 diameter and won't fit either of the MCON versions. The Mk II version of the 14-42 is 37mm.
Another relatively inexpensive option you might want to consider is getting an old (that is, from film days) macro lens and an adapter. You can get a lens for $30-$50 (or more, of course) and an adapter for $20 or so.