Hondata

With a stock ignition can I use fuel and Ignition cut?

what are the benefits of one vs the other?

selecting ignition cut disables the ecu igniter output, will this essentially allow the engine to over rev? since its not getting a tach reading.

Yes you can use it with a stock ignition. It is completely up to you which one you use, as some modifications will not work well if you still have spark and you are getting fuel from some other source. It will not cause any over revs.