Personally I'd pull it.
You want a high performance standard volume pump btw. IIRC the Melling unit costs $40. I'd also put an ARP shaft in while I was at it but that's just me.
Dropping the K is a royal PITA and you are working under the car and everything sucks. The way the pickup is in the motor, you'll think it is clear but the pan will catch on the pickup and then not clear the K and you'll want to light the whole thing on fire. Pulling a motor/trans out of a Fox is pretty much just a matter of dropping the mid pipe out, undoing the motor mount nuts and then unhooking a few coolant lines and electrical and out she comes.
2000 Mustang GT Steeda build #48. Bolt ons, suspension, Novi 2000.
Just because I give you advice, doesn't mean I know more than you. Its just means I've done more stupid ****.