Reading up on this, it periodically turns off the GPS to save battery power, calculating (with a loss of accuracy) speed and distance. Track data accuracy is also reduced. Before checking with Martin and Chris S (who may read this anyway), I’m assuming ultra trac mode would be no good for validation.
Without knowing anything about that mode, I'm still confident it would be fine for validation purposes. The tracklog is still going to show where you've been. Most tracklogs have waaay more density of information than is needed to do this. You could reduce the accuracy (whatever that means) tenfold and it would still be good enough. As long as the recorded points still include timestamps and elevation data
To be honest I'd be more concerned, if you're also using the GPS for navigation, about the possibility of missing a turn while the GPS is 'turned off' but even this I think is a negligible risk. I used to navigate using an old Garmin Geko (no map) in battery save mode and, unless you ride around a roundabout whilst staring at the screen, there's no real difference to see, you still hit the turns on cue.
Recording wise Ultratrac is basically letting you set the recording interval, unlike normal mode rather than have the GPS receiver on constantly the device has to re-enable the GPS before each recording so if you've got it set to record every minute then it'll spend 5 to 10 seconds per minute (in order to reobtain GPS lock etc) with the GPS receiver enabled rather than the full 60.
The primary down side is because the lock is constantly reobtained it's always using early connection data so not got the same level of accuracy.
Not knowing how validation works I don't know how that ties up with it, but it will produce a valid timed track just with much lower sampling intervals than usual, so presumably provided you stop at a designated control location or take more than the sampling interval to pass through one the only thing I'm not sure of then is elevation.
I've got a gpx somewhere extracted from my Fenix2 from LeMans, will be able to check that for elevation data
Edit:
https://www.strava.com/activities/615851590Strava certainly exports elevations but whether they're from the FIT or Strava's data is unknown
<trkpt lat="47.9583650" lon="0.2116030">
<ele>67.0</ele>
<time>2016-06-18T12:30:23Z</time>
<extensions>
<gpxtpx:TrackPointExtension>
<gpxtpx:atemp>22</gpxtpx:atemp>
</gpxtpx:TrackPointExtension>
</extensions>
</trkpt>
Accuracy is a bit dubious at times, particularly the final walk up to Tertre Rouge to get the tram back to the station as I know I was walking up the track and it's definitely not sampled every minute along there.
For Battery life, something I noticed with my Fenix2 is that it burns battery faster if showing any data screens, since discovering this I've been able to get almost the claimed battery life by switching back to the clock display... never thought to try a clock only data screen on my Edge 510s before they bricked.