Fuel Pump Question and Issue---need help!!!

[yellowGT]

Im going to replace my 305 with a 350 unfortunately I cant use a mechanical fuel pump on that block so I bought a Holley Blue Pump. Now, I know how to hook the fuel pump and the regulator but after looking under the truck I found the valve and found out that the tanks have return lines. I will not be using the right side tank so that will be pulled out. Im just going to run the drivers side tank. Just to make sure before I start doing anything..... I am going to run it straight from tank into the fuel pump and bypass the valve, going into the regulator then to the carb and also plugging the return line. Am I correct? Let me know your advise and suggestions