...after giving this some more thought,(and if memory serves) I think it has to remain in place as the pump. Just have to disconnect a few wires and install a cap on the oil inlet.
I've been running black EFI engines for several years now, but back when I ran blue engines I ALWAYS disabled the oil mixing function. I did know SEVERAL guys that lost powerheads over faulty VRO.
...so if you decide to disable, you WON'T be able to get that $50 out of it on Ebay.
IMO, I would still DITCH THAT FUNCTION though!