"In general" you will need the front oxygen sensors for the engine to run. The back oxygen sensors check to make sure the catalytic converters are working (which aren't there now), so that would create a MIL (or check engine light) code. A '40 coupe probably won't have a light to tell you there's a problem, but the computer might put the engine into "limp home mode" (not sure about that) which would kill your mileage & performance.
I'm not sure about the emission laws in Canada, but the old-school way of doing this was to add "MIL-eliminators" which would modify the signal from the rear oxygen sensors so you don't get a "check engine light code"
70 Roadrunner convt. street car
440+6, NOS, 4-spd, SS springs
'96 Mustang GT convt. street car
'04 4.6 SOHC, NOS, auto, lowered
"Officer, that button is for short on-ramps"
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