It is. On the improved 700R4 / 4L60 from 1988 - 1992 don't worry about locking it up, although doing so will give you a bit better gas mileage and let it run a bit cooler, but it will run fine without lockup.
For a beginner like I was or first time around with these ******'s, it is best from my experience to work with the stock GM cable for ease of seting up and ensure you have correct mounting brackets for the cable outer and inner at the carby end. I would also take a good look at some uTube posts on how folks go about setting these cables up. I found it enlightening.