Yes it is, it still has an actuator which will reduce the pressure when the turbine is flowing the correct amount of air,
but i think i would have to use an actuator from a normal waste gated turbo for it to operate properly, the one on VNT see vacuum rather than pressure
It's been done before on other cars than a 306 and i see no reason why it shouldn't work on my car, and it should make for a very drivable car as well as being quick