Ruby, being the innocent one, would likely be shocked and not know how to react. Weiss, with her strict upbringing, would find it completely unacceptable. Blake, having a more open - minded view on literature in general, might see it as a part of the fan culture but would still think it's crossing a line in terms of propriety. Yang, on the other hand, might make some jokes about it at first but then also realize it's not really appropriate. Considering Jaune is their friend, it would be a very awkward situation for all of them.
Well, it's a bit of a strange concept. Ruby might be really confused and blush a lot. Weiss would probably be scandalized and immediately condemn it as improper. Blake might be more understanding of the existence of such fanfiction but still a bit uncomfortable with it.