ADPD1080 use with 3-pin LED/Photodiode combo


We have an application where we wish to use the ADPD1080 with a three-pin optoelectronic device consisting of an LED and photodiode in the same hermetically-sealed package.  The cathode of the photodetector and the anode of the LED are connected together in common.  Is it possible to use such a device by connecting the photodetector cathode to a regulated VLED (+) supply rather than to the ADPD1080 PDC pin?  If so, what are the performance implications?