They are two different kinds of sensors so there would be no way to just change the connector, the computer wouldn't understand the data from the "new" sensor.
2 wire is a Variable Reluctance sensor
3 wire is a Hall Effect sensor
You will need to swap out the 3 wire sensor for a 2 wire sensor.
With the Cam sensor unhooked the computer will run the engine in "limp mode" so instead of sequential firing of the injectors(one at a time) it will Batch fire the injectors, 3 injectors fire at the same time, this keeps the intake full of fuel/air to keep engine running, like a carb did.
So MPG will go down.
Spark timing can also be effected.