I did it a few months ago. Just cut and hacked it out. Saved some weight by just removing them. Do the summit thing. It repositions the power steering pump. And very important is to buy a 70 in belt if you run underdrive pulleys. I think it is a 71.5 in belt if you run stock. I have more belts in my toolbox that I will never use now and many trips to the parts store.
I did the late model restoration kit and it worked awesome. It deletes everything and u get the underdrive pullies and the belt so u dont have to worrry about anything. Def worth the $125.
You will still need the A/C delete kit to reposition the Belt angle, or your belt will rub. Talk to your parts store they will have that one. Ford build 5.0s without A/C, but they all had smog pumps.
It was only $20/exchange to get a rebuilt smog pump (when mine seized frying the rubber belt which cost even more) compared to $100 for the "delete kit" so I kept the pump which takes 15 minutes to change is all. It can't possibly take all that much HP to spin the low volume airpump? You can spin it with your fingers when new.
The physical weight of the AC compressor is reason enough to delete it on a race car. Just like moving the battery to the trunk.