You can in a way, if you use a larger eprom than the 1mb that's normaly used in the Vs you can setup "standard" in one part of the memory and "speed limited" in another part of the memory, you can switch between either with a simple wire to a locked key switch, so as you start the car you have a choice.
Have a look at Craig Moates site, it will give you some ideas. http://www.moates.net/