No with the valve closed all the power will be low down, you engine will go mad from tick over to around 6tho and thats it. Have it wide open (you need the exhaust off i believe to be certain) and it will go mad FROM 6000 but you will have very little below that.
As a cautionary note when me and my mates were dicking around with these wonderfull powervalve motors when they were new (now i feel old) you had to change the mixture by upping the main jet to around 190 200, and get rid of the restrictors, one in the exhaust, i think the carb slide needed moding, tweak the reed block and do something with the airbox but i can't remember what. It was all in a kit you could by if you produced a full licence.
As i said back in the day we used the PV stuff from old 350's and used a couple of choke cables, remember them to control the valve. There were also quite a few of em wrecked by bad bodging so be careful.