I remember a few guys off the old veedubbers forum messing aroudn with these and disabling it on the 16V and VR6 cars as it's a pretty rudimentary (and killjoy) system....
8v = no traction control, even if it has ABS.
16V and VR6 both have the same / virutally identical traction control system.
It uses the same sensors as the ABS, so if you ABS is indeed knackered, then there's a fair chance it won't work as ABS usually breaks at the sensors end, not the control unit.
Traction control has what I am pretty sure is a separate control unit and if I remember correctly, it's located under the rear seat somewhere.
It is possible to disable TC by disconnecting this, but not sure on the impact on ABS or if you have to just replace the 16V/VR6 TC unit with an 8V ABS unit to get ABS only.