We fly it managed / managed... Infact not allowed to fly it selected by our own company rules.
Flying in none WGS84 airspace is another issue however... As I dont currently do it... I would need to look it up... But from what I remember our ops manual does not let us fly the approach in managed unless it is in a list of procedures in our ops manual that have been "verified"
But in short for us we are not allowed to fly an NDB in heading select... It has to be done via the FM.