From our mel for 744 with RR eng
EEC MODE INOP
1.Select all eec mode switches to Alternate,
Thrust setting at T/O is accomplished by manually setting thrust on engines with EPR
2.auto throttle is not avail in ALT mode
Limitations performance adj and restrictions-
Use target thrust setting bugs displayed when all 4 eec are in alt thrust mode. Note that EPR targets in alt mode will be different from the nml mode targets and will approximate 10% derate (TO1). DO NOT select derate.
Use of improved climb performance is prohibited.
There are many restrictions for weights/performance etc.
Therefore You will still get EPR indications and thrust will be set to bugs. But as QAVION says the eng is now under N! control/limitations.