Yes, but I tune with the Woolich/ECU Editor by flashing the ECU. I don't use the PC-V anymore.
You make a run and pull up the logged AFR and based on a AFR table you have created (there is a standard AFR but if you are running a race fuel you'll have to change the AFR) it will have suggested changes to the fuel map and you can reflash with those values.
A disclaimer I have is, I use the Woolich v1 logbox and I have heard stories (unconfirmed) that flashing with the newer logboxes leave a code after you flash so you have to go to Woolich to unlock for the next flash. Woolich has not done any new development on the older Hayabusa and since Woolich started as ECU Editor for Hayabusa I believe he has left us alone. You'll have to talk to the folks using the newer stuff.
If you go this route do your research there is lots of good info on this site and others. Always save each flash in a file in case you need to go backwards, it was overwhelming to me at first but if you tune with the PC-V this will be the next step up.