My 55 Century had been sitting about 4 years since last being started. Tank has been cleaned, lines blown out. Seems I'm not getting any fuel to move. I'm thinking to go with an electric pump for long term reliablilty. Would capping off the fuel pump inlet and out port, have any adverse affect to the vacuum side of the pump? I'm guessing others have done the same.
On my century I ended up putting an electric pump and byp***ing the old fuel pump. Works much better than the old style ever would. The vacuum should not be affected since it works off the diaphragm.
The stock pump is quite reliable, and not hard to rebuild yourself. Buy a spair when you have the chance and keep it ready to go if you feel the need. I drove a '54 Special regularly and the pump failed twice: once in '85 when I first got it and again in 2000. I should be due for a rebuild in 2015. That seems reliable enough... But blocking off the fuel side like you propose will not impact the vacuum side - which is nice to have for the wipers. Cool car, have fun!