Hell yeah, just find out what cyl it is. disconnect that plug wire from the dizzy and drive it. I hear V8's running on 5, and 6 cylinders, so I know it'll run on 7. I won't be to bad as long as its not burpin and fartin out the exhaust and intake and shouldn't be able to do either wo compression. I've heard of big rigs making it half way across the country loaded with 5 of 6 cylinders by shutting the injector and capping the fuel line of the bad cylinder. Just had to limp it back to where they could get it repaired. Those truckers get ripped in the ass for on road repairs or being out of town, not to mention you don't do an in frame rebuild in a couple days at a truck shop.
If you are wanting to go Big Block or LS, and havein't acquired parts for either, I'd go LS with electronics. Big Block will do nothing but drink fuel and in this day and age, electronics is where its at for mpg and power. Big Block will only give power. LS will give best of both worlds.