I dont think it will lock up, however manual racks have a diff ratio to make them easier to turn. 4SFRED4 can comment on the turning. He had it like that on the GLH
Hey....why you calling me FRED?
Yes, you can just run a hose from one port on the rack to the other and get rid of the PS lines altogether and it will work fine. The wheel will just be harder to turn

I didnt try draining the fluid (as suggested above), but that might make it easier to turn.