I had thought of removing the pump, but it changed the amount of belt running across the water pump. However, I've played around with your suggestion and it might work. I'm running electric fans anyway so the pump isn't doing as much work as before.

I've got an old belt and cut it. I ran it in the new configuration. I pulled the tensioner back to mark the belt length. Should the tensioner be pulled nearly all the way back, half way or what to get a new belt length. GM never ran these engines without a power steering pump so this is new territory.