In short, "yes".
In the T+, all of the "magic" for trimming out spark and fuel timing is done in the little box, not in the chip.
Example: If you retard the spark timing in the T+, nothing happens inside the chip. The T+ takes the spark signal from the chip/ECM and delays it a tiny bit before sending the signal to the ignition coil. Result: spark timing is retarded. This is a simplified layman explanation, but hopefully it makes sense.
Example 2: if you increase WOT fueling in the T+, again, nothing happens inside the chip. Let's say you increase WOT fueling by 4%. What the T+ does in take the MAF signal, increases it by 4%, and sends that MAF reading to the ECM/chip. Since the ECM and chip are seeing a MAF reading that is 4% above actual, they add 4% more fuel. The T+ basically fakes-out the ECM/chip by inflating the MAF reading in order to increase the fueling.
If you want to run a race chip on the street and don't have the ability to change spark timing and fuel in the chip, I would recommend doing the following:
1. Retard the WOT spark timing. Keep retarding it until the sparking timing shown on your SM is about 18 or 19 degrees in 1st/2nd gear and about 17 in 3rd gear. This is a good starting point for 93-octane fuel and no alky.
2. Increase the WOT fueling by at least 4%. It's likely that a racing chip runs a little leaner than a street chip at WOT.
If you see any knock at 16 or 17 psi, then increase fuel or retard spark further.
HAVING SAID ALL OF THE ABOVE:
If your TurboTweak chip is "new enough" that is has the adjustable WOT spark and WOT fuel adjustments, then set all of the T+ adjustments to "zero" (i.e. no adjustment). Retard WOT spark and increase WOT fuel by changing the settings in the chip. My feeling is that this will work better for you than trying to do it with the T+. By doing this, the MAF and spark timing readings that you see on your SM will be "real", as the T+ won't be altering any signals.
Good Luck,
Mike