So far I haven't had problem advancing the story with this activated, all though I haven't had a wait for so and so since last night when I stopped playing.
Ill update in a bit if it the story continues or not.
EDIT: Ok I dont think you can do it if you have a mission where you need to wait for someone otherwise you either reset or wait a long time.
However there is a table on CoSMOS where you can change the time by hours minuets and seconds just advanced the hours by a few and your good.
[Edited by athan621, 9/7/2014 6:15:07 PM]
Awesome, thanks dude - I'll hunt for that table and keep it close just incase!