Yes it would it also was dangerous like that as you could of ended up with a meltdown, that probably would explain the lack of top end power as you don't have enough fuel. The CO is specific to the chip you have, most chip authors do still retain the standard CO though I am pretty sure MSD is one example.
I actually said wrong info for 2WD in my previous post at WOT the TPS reading should be 5V, I had a mad moment and said 0.6V as this what the 4x4 is as they are the complete opposite.
Martin