yeah; I know what you mean out of the block. I don't believe you'd have to fab up anything; I've left that 2-hole aluminum spacer in place when removing the AP before (though I'm thinking of a mid 80s car 318; the truck setup may be slightly different; but its no biggie, to pull that bolt (I know the one you mean; it goes thru the timing cover) and then once the pump's gone, and the bolt is back in place to re fill the cooling system.
Might use the opportunity to do your put-off cooling sys maintenance, like a new T stat or any hoses 5+ years old while the system is drained down. kill 2 birds with 1 stone; but I've always been the type to remove any "dead weight" at the 1st opportunity; and a dead non working AP definitely qualifies there; if nothing else the eng compartment definitely looks cleaner and something less to be in your way when you do have to work on things;
as a worst case scenario, they built the LA 318s since 1967; next time you are in a junk yard, look for the bracketry from a non AP 318 or 360; though I've never had to go to that extreme, simply to remove an AP. I see (1) problem; (1a) youre in California; (smog nazis; never had to deal with them myself from where I live; though 25 miles north they do, not as bad as you guys) and (1b) you're too far for me to come by and help you do the job, as sometimes that's just easier than trying to explain; either you forget to mention something because its taken for granted, and the other guy does not know, or just on account of being human, and then the guy on the other end's left hanging. I've done this (AP removal) on mid 80s Diplomats/5th Avenues, as well as several B vans and pickups over the years.
So yeah, if looking at dead, in the way, weight does not bother you then yeah, just cut the belt; but I'd still crimp off the air feed tube somewhere behind the pump (looking at the pump as the "front") or at the manifolds themselves, even if you don't cut the remainder away.
A couple good bites with Vise Grips, each time tightening the adjuster a bit between bites til its closed off and crimped solid and you'll keep the exhaust from back feeding and a possible fire, from the excess heat doing its thing on the plastic and rubber in the diverter valve/hoses.
Closer to the connection point at the manifolds, the better; the farther away increases the chances of the tube rotting away between the manifold and the crimp.