You can — enable Screen Sharing on the iMac and connect to it using that. The iMac keeps running normally while TDM is active.
It would be cool if you checked and compared the network traffic caused in both cases (via Activity Monitor).
I just added a number of tests to my TDM and Screen Sharing todo list. Checking network bandwidth is a very good idea. I can do that in a spreadsheet to test out various systems and resolutions.
One other test that I'm curious about is what happens if you have an attached monitor and start up TDM. My guess is that it disables the external display but it would be most cool if the second display just kept on working. One thing about this testing is that it's a good workout. Moving 27 inch iMacs around takes a bit of effort.