To your first question (will users be deleted?): Directory Sync uses object's unique identifiers to track changes with respect to their cloud copies. Presumably, no object in your new AD would have the same identifiers as an object in your old AD, so DirSync wouldn't see this as a "deleted user". So, will it delete existing users? Probably not, but definitely test before you do this! (use a different AAD directory).
To your second question (will it copy users down?): No. Directory Sync is currently a one-way sync: it won't sync users down from your AAD to your on-premise AD.