moronic sparks should be ok, not sure how it would run with no TPS, but I've run it with TPS signal off my ITBs (very different to standard throttle), no AFM etc and it still had decent sparks. Converting to MS sparks isn't that difficult either (esp if you go EDIS), or you could use an SMT6 and a MAP sensor to control the sparks - this works perfectly.
I think this is a great idea - cheap, cheerful and a whole lot of fun. Obviously no good on a daily, but good fun for a toy.