You *can* either:
1. Leave it in place and just add an electric pump
2. Leave it in place and bypass the manual pump
3. Block off the area on the timing cover and add your electric fuel pump
Pros and cons:
1. I would always be worried because you are only a small piece of rubber from pumping the crankcase full of gasoline. I guess the good part is if the electric pump crapped out, you could always just disconnect it. Another negative is that the gasoline would still be picking up a lot of engine heat.
2. This scenario is obviously easiest. The only downside is you now have a vestigial fuel pump.
3. This is the cleanest install and the one I use. I make a block off plate out of 16gauge sheet, some rtv and some shorter bolts (they don't need to be as long because you no longer have the pump in place).
With a cutting wheel on an angle grinder, you can cut one out in 30 seconds (Use a gasket for a template). Either drill or use a punch for the bolt holes, and just clean it all up on the bench grinder.....

