No, it won't run properly without the HV battery pack.
Prius battery failures seem pretty rare, or if not exactly rare in the 1st generation (Toyota has improved battery life in the new models) at least with a life of 100,000 miles. In California you get an extended warranty on your Prius batteries (150K).
also Toyota has dropped the cost of replacement batteries
also you can sometimes find batteries from wrecked Prius cars. There are a lot of them on the road and as a consequence, probably a few are wrecked every day.
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