If your pump is rebuildable (there will be screws around the perimeter) and you want to keep the mechanical pump, the folks at "then and now" are who I'd suggest dealing with. I wouldn't waste even a dime on a new fuel pump made in China, Argentina, Egypt, India, etc. They won't last for long. For a high quality rebuilding kit, please call the other Jon (CarbKing) on Monday or Tuesday. (573) 392-7378
Yes, back under the cab close to the fuel tank is the best place. I'm certain you know this already, but one of the advantages to an electric pump is quicker starting (don't have to crank the engine while it fills the float bowl). And they are not expensive. Just be certain not to get one of the high pressure output pumps. I keep a spare under the seat in case mine fails...but the one I replaced not long ago had been working since 1996. No, I did away with my mechanical pump for another reason. I have a 235, and I wanted to install a more modern oil filter, so I ran the plumbing under the crank and out that hole. You can see below:
~ Jon 1952 1/2 ton with 1959 235 | T5 with 3.07 rear end