It'll work but only on T-mobile towers. Also, it has been reported that once Fi realizes you don't have your primary SIM in a Nexus device your service will be either suspended or cancelled.
A data-only SIM will work, also only on T-Mobile towers but it won't be a risk of suspension of your service and you can use Hangouts Dialer to make VOIP calls on the data connection, and Hangouts itself for your texting needs.