To answer your question. I can confirm tomorrow about the ready to run distributor. I imagine it is just like the msd where you can still run external control.
Onto my opinion and commentary. Everyone seems to over complicate the timing control. Its not some exotic feature that you need to be scared of on initial fire up. If you are with me on the billet distributor, phasable rotor, and a new coil...you dont need to be scared of it. The engine gets timing from the unit, or from springs in the distributor. It's not some 5 mpg and 20 hp difference either way. So thats my next point. Im not married to the timing control. Using the fitech in fuel only, with an hei, or a cdi box, or one of the cheaper ready to runs, is just fine.
So in short...timing control isn't something exotic enough to plan on setting up the engine to run without it, and then circling back to. On the flip side, I dont think it's..."awesome" enough to gut a ready to run distributor for, just to have it.
The "awesome" factor is dumping the insufficient oe ignition either way.
The handheld timing adjustments is cool, yes, but ask yourself how often you re-time your engine? You pretty much get it right and forget it...you can do that with the handheld screen or a distributor wrench...so I can play devils advocate either way. Dont let either option scare or influence you either way.