another thread on the subject, with a lot of explanations and drawings.If you remove the pump, you must remove the steel gear, also replace the steel gear by the plastic block off plate is 43453 and the O-ring for that kit is 32509
it's easy to make the little aluminum plate showed here in attachement.
Could I take the pump off remove the pump drive shaft and than refit the pump blank all the hoses off?
You have a sensor just under the oil pump , if you keep the system like you suggest, you will have a constant alarm because the sensor cannot read the rotation of the removed shaft.
It's easier to remove all the oil system and concerned wiring, but at the end check the cylinder head temp sensor function, if still working after removing all the wiring from the oil system.
for the maximum rpm of a stock 2.4 carbs, I remember a discusison with Gene Trickle former engineer at merc Racing who told me : ''don't exceed 6100rpm on those engine, because the crankshaft is not balanced for hi-rev''
May be Jay can tell you more on the subject than me...
I've followed this advice for years on a 2.5 carb 1997 and the engine still run strong now witout any problem.