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I did this on my son's 1990 with no issues using the TPIS kit. The only downside I can think of is that we had to buy a shorter belt to get the tensioner back within a good range and that wasn't described in the instructions. Other than that, no issues. Here's a thread I started when investigating this that has some pictures of the installed kit, etc.: https://www.corvetteforum.com/forums...p-removal.html
When I built my engine I took all the AIR pump parts out and discarded them. I went with long tube headers so the cats went as well. Not a problem in NJ because the car is 38 years old and registered as a historic vehicle so no inspections.
It cleans up the engine bay, and some headers don't provide a way to connect to the AIR pipes. The pulley on it is pretty free spinning already so I doubt it does much else.