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Yup, won't hurt a thing. You'll want to "unlink" the toad from the monitor so when you're out of range it doesn't start beeping. Then relink when you hookup.
I have a second monitor for the toad that reports the info from the TPMS. I took it out a while ago, and haven't gotten around to putting it back in. I need to though, the factory TPMS system sucks.
I only take the toad sensors off when I don't expect to tow the toad for months at a time. That's mostly top prevent drain on their batteries and avoid possible loss or damage. It takes all of 3-5 minutes to remove the sensors and screw valve caps on.
Our TST 507 sensors stay on year round, and like Marty, we have a second monitor in the toad for the better info than the OEM system. I didn't plan it that way, but when I found a TST 507 monitor in a box of miscellaneous electronics at a yard sale, I couldn't resist it at $1.00. The woman said it was "some of the motorcycle junk" her ex-husband left behind.