There seem to be people who disagree with me about this, but my answer is yes/no. Yes to the important parts -- a demand valve attached to a DISS fitting will bypass the lpm settings on your regulator, and most importantly, yes, you will get as much O2 as you need every time you need it just by inhaling.
This second part is not relevant to the "yesses" I just stated, but it's of interest to me, and I will be happy to be corrected if I am wrong. I think lpm stops being meaningful when you are using a demand valve. Think of the typical mask with a reservoir bag. The lpm determines how fast the bag gets filled, but when you breathe in, you are not breathing the O2 in at the rate it came into the bag (the lpm that your regulator is set to), you're breathing it in at whatever rate your inhalation creates. With a demand valve, the O2 is always available, so there's no bag to fill, and therefore no relevance to flow rate in that regard. Similarly, as with a bag-based mask, when you breathe in, you are breathing in at whatever "flow rate" your inhalation creates. Doesn't matter what it is; the oxygen will always be there for you.