Yes, it should work. I just tested the sample PyQt script with Direct HMD mode in the Oculus and the PyQt menu only appears in the mirrored window. Just make sure to add the oculus rift command:
Code:
viz.go(viz.EMBEDDED,window=int(self.widget.winId()))
import oculus
hmd = oculus.Rift()
viz.link(hmd.getSensor(), viz.MainView)
Vizard also has a number of built-in GUI libraries (vizinfo, vizdlg, vizconfig, vizmenu) that you could use to select options before the simulation starts.