yes and no - you'd be able to advance the ignition (without moving the distributer) and up the rev-limit on the nistune, its just without a wideband any changes to fueling would be a shot-in-the-dark, so to speak.. with the wideband and no way to alter fueling all you could do is sit back and watch the gauge move...
but anyways, this thread has gone off topic enough - if anyone has any definate info about the lambda wiring please PM me...