I'm in the same boat, have a white quadlight that I am going to respray either 040 white, honda championship white or vauxhaul's arden blue can't decide which.
No, it has a diagnostics port but it is not OBD1 or OBD2 here is a link for the self diagnostic system though http://www.toyotagtturbo.com/forums/showwiki.php?title=EFI+self-diagnosis+system
I ran without a belt for a month or as I took aircon off (ages ago) and it felt so much better when I was driving fast. Parking was a bit harder but no point being a wuss!
Is that the only bit you need to loop and the rest of the system gets flung away? I will also be taking mine off as it feels far far better on the road with it disconnected.
I have an LSD so can't comment on traction with a TD04 as I have plenty lag isn't bad at all but performance wise it is night and day between ct9 and td04