I recently had the opportunity to attempt to rebuild my Motorcraft Holly carb, and was talked into replacing with an new Eldebrock carb. All went well, and gas mileage went up from 5+ to over 6.5 on the first test and tune run. Now my question. I think I may have an air pump (there are two) squealing and have disconnected the belt to them both to see if that is the issue. With most of the vacuum lines associated with the air pump system sealed off previously, is there going to be an issue with leaving the entire system in a static mode.

"going to be an issue with leaving the entire system in a static mode."
Old Chevalayhs pumped air into the exhaust manifolds (8 orifices); if Fords are the same, remove the air tubes and replace with threaded plugs or you'll get exhaust air coming out of the manifolds and mucho turbulence (bad) within the manifolds.

Jack,
The first thing I did was remove both air pumps on my 460 and as Gunner indicated, I plugged the exhaust manifold. Although I still have the Motorcraft carb, it has run great without the airpumps.
PS. I also got rid of the AC compressor at the same time...