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TCA9554: TCA9554 open drain outputs

Part Number: TCA9554

This thread references tca9554#1972294 and reference designators from Figure 14 of the TCA9554 datasheet. 

If I set the TCA9554 output register to 0x00, can I use the output as an open-drain output by writing to the configuration register (1 = input (100K pull up), 0 = output (sink Q2 FET enabled)?  Are there any gotchas to this technique?