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Traction Control may still work. I have found a definite difference between traction on and traction off during hard acceleration (I have traction issues up to 4th gear a lot of the time) and during Auto-X. I believe the system utilizes the rear brakes as a means to control rear wheel slip.
Also, the factory oil pressure sensor is a dummy sensor. It grounds out and turns the oil pressure light on when it sees 0 psi. Light stays off if not hooked up. I ditched it early on for a proper oil pressure gauge. So unless you absolutely want it, it's not needed. By the time that light goes off, your engine is just about guaranteed to be dead.
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