Will I still be able to stream video wirelessly if I turn off Twonky on it ?
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Short Answer: yes.
Long answer: The passport is essentially a portable NAS (just don’t run in 24/7/365).
Twonky is essentially a media server for DLNA devices.
If you have media server software on a PC; you can just “point” it to the MPWP files. (treat the MPWP as a NAS in this regard). Frankly. . . I now just have a large USB key plugged into my PC which is running my fancy (WMP) software.