Old question, and I guess you've found out by now!
But for others, yes, the splice just removes the circuits the HRC card doesn't like, i.e. thd oil light, the sidestand switch and the neutral switch.
The speedo will be fine. The oil liight will not work, the neutral light will not work and the bike will run in gear with the sidestand down.
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Please do not PM me technical questions, if you can't find it on the Forum start a thread