Yes, it will work .Yes, you need to read plugs and know what your o2 is reading compared to your plugs but, yes, it will be fine, even in closed loop.
Lots of guys running well over 200 mph with holly systems and o2 bungs in places that make a fella scratch his head wondering "how the heck does that work" ? But, it does.May take a little work to get everything dialed in but, to my understanding and, seeing what people are successfully doing , I would sure give it a shot.
Andy F. has done quite a bit of work with the holley systems now, feel sure he would be a reliable resource.