You can perform any operations you could perform with 164GB of RAM. But because the SSD is hundreds of times slower than RAM, it will take much longer.
You will want to turn the system's swappiness up so that you can use the faster SSD swap to effectively extend the size of the page cache. Otherwise, the system will assume swap and disk are about as fast and not move things into swap when it can read them from disk, which won't make sense in your unusual situation.
If you find you have a lot of disk I/O and very little swap being used, turn the swappiness up. If you find you're "churning" the SSD, turn the swappiness down. Note that this will have some minor negative effect on the life of your SSD -- the higher the swappiness, the more the effect. (With modern SSDs, it almost doesn't matter. There's no point in having an SSD if you don't use it.)