All this assumes you’re talking about Java on Z/OS and not running Linux VM’s on the mainframe to take advantage of the cost savings that come with fewer machines.
My thoughts on virtualization are at the end of this and it’s probably the route you want to look at but I’ll start out with Z/OS since it’s what mainframes are traditionally associated with and what I have familiarity with. I have some experience with mainframe Java.
The short answer is, it depends, but probably not. What exactly are your applications? The mainframe is a difficult environment compared to x86 servers. If you're running I/O-intensive workloads under something like Websphere, it might be worth it, assuming your mainframe is underutilized.
In my experience, Java is horribly slow on a mainframe but that’s because the system I used was set up for developer flexibility rather than performance. That just goes to prove performance tuning on the mainframe is usually much more complicated then on an average server since mainframes will be running many more workloads then a generic x86 server.
Remember that the mainframe is designed primarily for I/O throughput and can outperform any normal x86 server at that. It was not designed to do a lot of computationally intensive calculations so won’t outperform a small cluster of x86 servers if your doing a lot of math.
The change controls on mainframes are there for a good reason - if one x86 server has a problem, you reboot it. If a mainframe has a problem, every second that it’s down is costing the company money. You also have to take into account any native code your apps depend on or third party libraries that may use native code. All that code would have to be ported.
Configuration of a mainframe also takes a lot longer on average then on an x86 server. I would suggest that, if you want to seriously look into this, you make a better business case than power savings, such as tight integration with current business apps and start out small either with a proof of concept or a new application. One that is not business critical, that can be implemented to take advantage of the mainframes strengths.
IBM mainframes can also run Linux in either native mode or a virtualized environment similar to VMWare. Unless your company is the exception to the rule, your Linux instances would run as virtual machines. I haven’t had much experience with this but, if your app depends on no native code and runs under Linux, it would probably work on a mainframe running Linux. For more info about Linux on mainframes see this link.