Seems to me it should work fine without the transmission sensors. The vehicle speed sensor would be the only one that may relate to timing and mixture and then only in a minor way. I would look at the fault codes for the trans sensors and see if they will turn on the check engine light. As best I can recall even the VSS didnt pop on the check engine light in those days. So no check engine light= no emissions problem= no performance problem.
The fault codes may be there but as far as I know only degraded engine operation pops on the light.
One of the issues you will run into is the computer will be looking for a signal from the
Park/Neutral safety switch when you attempt to start the engine. The P/N switch for the C-4 can be difficult to locate. I eventually bypassed this system using a push button switch.