Yes, we successfully connected the iFly 720 to the SkyRadar L Model this week at our offices. You'd want to make sure both units are up and running. Then connect the iFly 720 to the SkyRadar using the Wi-Fi setup menu. It will show "Connected to skyscopeXXXX" and then you should be able to go back to Nav and touch Mode. Weather should show ( ADS-B No-Data ). This will change To ( ADS-B Live ) as you get altitude or the SkyRadar is actually receiving a data stream.
As for Traffic, that is correct. There will not be traffic as we are not receiving it from the L Model. Radenna has clipped the Traffic data from the L Model. Hope this helps.