...yes it is.
The specs on the Megasquirt are pretty basic. I'm using a version 2.2 board that I put together myself. Glensgarage daughter card, Volvo s80t6 injectors, Pallnet fuel rail, crank sensor wheel & bracket from a board member on here (forget his user name), mitsubishi 3000gt ignition coils and module, AEM UEGO wideband and a Volvo TPS sensor. I also converted to dual electric fans that I let the megasquirt control.
So yeah, the engine RUNS ok. It also SMOKES a LOT. Damnit.
I ended up pulling the head off to find what had to be the worst cylinder wear on an engine I've ever seen. I didn't take any pictures, but its no wonder the engine smoked, and I'm surprised it even ran. I procured another engine from craigslist for 150$. It ended up being a low milage motor pulled from a 76' Z. Cool deal, just put new gaskets on it, swap all my current crap over, install, profit:
I decided it looked good enough to skip any sort of rebuild on. If I'm going to rebuild a motor, I'd want to actually throw upgraded parts in it. I dont have the time or the money right now, so I let it go. The new engine runs well, and despite a little smoke from valve stem seals (which I plan on taking care of soon enough anyway), I'm happy with my decision.