Regarding these pumps and Concours use of the pumps as the EPA expected and as Ford engineered them to function...
The purpose of the introduction of air into the exhaust via a port in the head or manifold was to INCREASE exhaust temperature to assist in burning off emissions.
That being said, the 3 or 4 horsepower loss would also not be a concern in Concours use but the extra HEAT may cause other concerns for an engine that may be run occasionally at operating temperatures (a "driven" car).
If plans are to DRIVE a smog pump equipped car, what Bob suggested may be an option IF LOCAL OR STATE LAWS DO NOT PROHIBIT IT.
It would be beneficial to NOT increase the heat in the exhaust system by neutering the pump since it would help restorers in maintaining the exhaust parts along the course of time. Obviously rusting inside the exhaust system will occur or continued corrosion will occur anytime you fire up an engine so again, depending what your plans are for the build, all these things can be considered.
FWIW, I plan to occasionally drive my 67 289 Thermactor so I have neutered the system. Local laws do not require emissions testing at this time for 67 year model vehicles.
I inserted 1/2" expansion plugs inside the AIR tubes, just below the AIR check valves, no vanes in pump and soldered closed the vacuum source to the diverter valve.