Can GPOADmin be run in such a way that it only reads GPOs from the live environment and runs reports only without using GPOADmin administrative capabilities using a service account that is only a basic account and not configured with minimum permissions as outlined in the Quick Start Guide?
This configuration is not supported. The majority of the reports require the objects to be registered, which would require following the minimum permissions guide. Troubleshooting any issues would also be extremely difficult and time consuming.