Yes!
It is cheaper since you already own it.
Not as nice because you have a magnetic pickup instead of a hall effect, but if you aren't using the cap anymore with high voltage up there, shouldn't be an issue, plus you have a cap sitting there with terminals pointing-up and nothing connected to them, will have people asking questions...........
It will certainly work though!
EFI Connection only sells the regular GM unit now, they don't have the billet version anymore. They had a special cover made for it (unless GM actually used it on something) so it is a nice clean install. I think the only downside is setting the phasing of the shutter wheel. GM never intended that unit to be able to move, the hold-down on it is special. I had to take mine apart and put it on a lathe to remove their hold down area and make it circular so I could use a normal distributor hold down clamp and be able to spin it to where it needed to be.
Not sure what others have gone-through. I also have raised-runner heads so I would have had to modify it for a slip collar no matter what.