That can be done and is supported by LP.
Either you can use an OSD that allows GPS to be connected directly to it and the Revo will not even know there is a GPS, or the GPS will be connected to the Revo and the OSD will also be connected to the Revo and get GPS data from the Revo. The second way allows you to see the GPS data in the telemetry too.
Enable the GPS in Hardware. Leave "Attitude -> Settings -> Attitude Estimation Algorithm" at the default of "Basic (Complementary)". You should see the GPS health red (ok but no data) then orange (some satellites) then green as the GPS finds satellites, not an X.
You will be setting it up as if it were a CC3D, but unlike the CC3D you can use the small GPS that doesn't remember settings since you have a Revo to do autoconfig (the default settings should work fine), and thus you don't have to do any of that ublox ucenter GPS configuration talked about in the wiki.
There are several different ways to set it up. This thread is one I bookmarked for my own information.
https://forum.librepilot.org/index.php?topic=2999.msg20874#msg20874And search the wiki for things like minimosd, minoposd, mwosd, mavlink, msp
https://librepilot.atlassian.net/wiki/display/LPDOC/