Yeah that'll work for now. The whole removing the smog pump burning up your cats thing is true on some cars but not true on the 5.0. If you look at your stock H pipe, all 4 cats are before the tube for the air pump inlet, and exhaust travel will carry any air pumped into the exhaust out the back away from the cats. So the air pump does nothing for the cats on the 5.0.
You can have a little bung welded onto your new X pipe, or not and just let the smog pump pipe hang down there, coathanger or big-'ol-clamp it to the side of the x pipe or something so it doesn't rattle around. The only difference is it's not blowing into your exhaust. Big whoop ya feel me?