It will work but it is a rather crude way comparatively by today's standards.
I used it with a stock ECU and a JWT ECU and it does work to take out fuel or add fuel if needed. I had mine taking out fuel during WOT, above 4,000 RPM during stock ECU, it would dump fuel and go pig rich.
You can make blanket, across-the-board timing increases with a turn of the distributor.
If you get a different MAF, you can program the SAFC to adjust for the input of the different MAF. (trust me, I tried it and it does not work as well as having the ECU programmed correctly as it should be)
@hammerin hank