You got it, that's exactly what happens. Ostrich is what's known as an "EPROM emulator," in that it is able to pretend to be a standard EPROM chip, but one that is able to change the values it has in memory on the fly, allowing for real-time tuning of EPROM-based computers. Once you have the tune the way you like it, then you burn the appropriate chip for your ECM and install it and off you go. That's exactly what I did with my '90 Corvette.
Note however that the '7747 requires two things that are a little special. For one, to use an Ostrich or other 27C256-alike EPROM emulator, you need what Moates referred to as a "Socket Booster." This is because the pin count is different between the Ostrich, which is designed to emulate a 27C256, which is a 28-pin chip, and the 2732A in a '7747, which is a 24-pin chip.
And as you may have guessed already, it also means you need a handful of 2732A EPROM chips to do that final burn once you're satisfied. Unfortunately they're a bit harder to come by than the 27C256.
Now, as for the Ostrich replacement, BoostedNW seems to have one available for preorder: https://boostednw.com/emulation/boos...ltime-emulator
Unfortunately it does not look like they have a Socket Booster replacement available at this time. That said, they do have a G2 equivalent, which does allow connecting 28-pin chips/emulators to a 2732A socket like on the '7747: https://boostednw.com/chips-and-adpt...er-replacement
Getting that adapter would allow you to use much more modern and readily-available 28-pin EPROM and EEPROM chips as well.
Best of luck in your search.
EDIT: For BoostedNW, once you've cut your teeth on figuring out the magic behind an EPROM Emulator, any chance you'd be willing to try your hand at making a replacement for the GM NVRAM and NVSRAM boards?
https://web.archive.org/web/20150316....html?cPath=64
https://www.thirdgen.org/forums/diy-...730-727-a.html
While being able to use my Ostrich in my '730 has been great, I gotta admit it would be spectacular to be able to do it through my ALDL port like I do for my '94-'95 Corvette and leave the ECM nice and sealed in the engine bay.
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