I would strongly advise against using Microsoft Lists for a couple of reasons.
- It’s just a list. Yes you can add forms and dashboards through other apps, but it’s not integrated like anything in Asana, so it’s probably akin to switching back to Asana’s free version, maybe with custom fields, but without multi-homing and about 10% of the other features/automations you’re used to using with Asana.
- You can use/connect other apps in the Microsoft environment, but the look and feel is different for each one of them. And for instance to create and share dashboards you’d need a PowerBI license, and it’s not something you’d learn in a day.
- As I understand it, it’s flat, and you can’t very well connect the work through the organisation from (sub)tasks to company goals.
- It’s Microsoft, so you can expect the interface to be anything but intuitive.
- As it is Microsoft, you can be sure giving them feedback is like talking to a wall.
By all means do a pilot, but I’d wager you’ll be running back to Asana soon. 
PS: I came to Asana running away screaming from Microsoft Planner as I couldn’t rely on task comments not to turn into an email and be removed from the task, defeating the point of the comment.