Yes, you'll only have half of your stereo effect, but if the venue's PA system is mono, which most are, the same signal is going to come out of all the speakers.
You could do stereo cabs still, panned center, so you get the blend of two cabinets, but you'd need to change your presets for live use, or make live and recording versions. I personally don't think its worth the hassle of doing that, and just use one output, "center" panned, to FOH, regardless of if its a stereo or mono PA system. Stereo effects just don't translate live so its not worth the hassle IMO to do anything more than just run one output, and then when I'm at home playing with my stereo monitors, recording etc, I use my same patches with optimal stereo effect