If you want select fire (safe, semi, full), then yes, you would need to use modified M16 and AR15 fire controls in the host gun, but you wouldn't want to leave them installed without the link and it would be better to move them with the link to other receivers.
But without modification to regular AR15 parts while using the lightning link, you get safe and full auto and use your trigger finger and brain to determine how many rounds are fired (or not), effectively making it select fire with no M16 fire control parts needed.
But if one were so inclined, here is a quick video that shows the basic process of using modified fire control parts with the lightning link to achieve safe,
semi, and full (note that it still is not capable of 3 round burst and the only thing you are achieving with the mod is single shot semi-auto again)