I'm pretty sure it'd work. HEI gets constant 12V to the coil anytime the key is on, so you're not going to blow up the coil doing this.
I don't have a running HEI-equipped vehicle handy, so I can't test my theory.
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'67 C20--427 tall deck/SM420, 4.10 HO52 (Michigan has not been kind to the Old Man)
'95 Caprice--355 LT1/T56/3.42 8.5" 10-bolt (daily driver, almost 300k on the chassis)
'07 Outback--wife's car. 125k & counting. No head gasket or transmission issues yet. *fingers crossed*
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