yes you can do that.
You can also run a CDI setup but you will need an additional box, there was someone in Australia making them, to allow a power fc setup for dizzy magnetic input signal to convert to a CDI setup.
The power fc only uses the Dizzy to generate a crank angle signal (works it back from cam angle) and then sends an fire order to the ignitor to fire the coil and the rotor arm then just puts it down the correct plug lead. This box connects into the ignitor fire signal, and with a couple of other crank angle signals and RPM works out which cylinder should be firing. So when the powerfc sends the fire signal to the ignitor, it instead goes to this box which interns says #1 cylinder which passes the fire order down to the Coil on Plug and you get a spark.
Prietty simple when you think about it.
I looked into this when i was doing the mr2 drag car setup, we managed to get to 720bhp at 2.4bar boost using a power fc with normal dizzy setup ignition, We had a missfire at 670bhp with maginore leads, that cleared by using stock toyota leads (proven that stock toyota leads are the best) but then misfire returned just over 720bhp even with using an uprated coil and ignition amplifier we couldn't solve it, so swapped to a Link G4 storm ecu to run CDI setup which solved it and allowed us to go higher, But about 6 months after this i found this box coming out of australia which converted the power fc signal coil to CDI
Tim