I`ve not done it, but yes, in theory you can leave the in-tank pump where it is & just connect the pipes (tank to SPI to the inlet of the mechanical pump, pump out directly to the carb, and the return to the old return.
I think the SPi camshaft still had the mechanical pump take off, but check, either by whipping the cam cover off & looking, or, by taking the SPi mechanical pump blanking cover off of the head, placing a pump pushrod through the hole & seeing if it moves when the engines turned.