I believe it does have an effect when coming to a stop I believe, not sure of what other effects to be honest.
I'd wire up the speed sensor, there really isn't any reason not to have it hooked up, and it's one wire, simple as!
FYI: The signal goes from the Sensor on the gearbox (or cable) to the dash and then to the engine ECU on most Toyotas
Cheers
Wilbo
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