That's what I did over the summer at the Cypress Creek campus (I think back in the summer of 2011).The class breakdown was like 20% Aggies, 80% Longhorns, with a UT professor.
The UT professor didn't give a **** about grades at the end of the semester and I got an A even though I probably should not have. I think I still took away some of the concepts and theories from the class without the added stress of knowing it was going to impact my A&M GPA.
For reference, I was a mechanical engineering major and had no issues with not having learned something that all my peers did from taking 208 at A&M. Might want to check with your advisor and make sure the lecture and the included lab are accepted at A&M still.