The electrical circuit for the fuel pump has two paths, a control path and a power path.
The control path consists of the inertia switch, the computer, and the fuel pump relay coil. It turns the fuel pump relay on or off under computer control. The switched power (red wire) from the ECC relay goes to the inertia switch (red/black wire) then from the inertia switch to the relay coil and then from the relay coil to the computer (tan/green wire). The computer provides the ground path to complete the circuit. This ground causes the relay coil to energize and close the contacts for the power path. Keep in mind that you can have voltage to all the right places, but the computer must provide a ground. If there is no ground, the relay will not close the power contacts.
The power path picks up from a fuse link near the starter relay. Fuse links are like fuses, except they are pieces of wire and are made right into the wiring harness. The feed wire from the fuse link (orange/ light blue wire) goes to the fuel pump relay contacts. When the contacts close because the relay energizes, the power flows through the contacts to the fuel pump (light pink/black wire). The fuel pump has a black wire that supplies the ground to complete the circuit.
See the following website for some help from Tmoss (diagram designer) & Stang&2Birds (website host)
http://www.veryuseful.com/mustang/tech/engine/images/fuel-alt-links-ign-ac.gif
http://www.veryuseful.com/mustang/tech/engine/images/88-91eecPinout.gif
Now that you have the theory of how it works, it’s time to go digging.
Putting a switch in the Orange/Lt Blue wire or the Pink/Black wire means that you have high current running through the wiring and switch. That means you need to use 12-14 gauge wire and a switch rated at 15 amps or more. It also means that any connection not properly done is likely to overheat and drop the voltage available for the fuel pump.
Put the switch in the low current side of the circuit that has the inertia switch in it. You have your choice of using the Red/ Black wire (relay power) or the Tan/Lt Green wire (relay ground). Either one will allow you to use smaller wire -18 gauge and a light duty switch rated a 5 amps or so. The smaller wire and switch is easier to run and hide than the lager gauge wire and switch. It is also not so sensitive to the quality of the connections, so if your crimper did a not so neat job, it won't hurt anything.
Putting the switch in the Red/Black wire allows you to easily use a test light to troubleshoot the circuit. A green LED could be added to the relay side of the switch circuit to show when the switch was turned on.