I'll elaborate here since someone else might be interested as well. You remove the stock pump completely. Then you will need to extend the lines in the tank and extend the pickup line down and add a screen/filter. The mount an aftermarket fuel pump to the frame or cross-member near the tank.
Another option would be to buy a MPFI sending unit but really you'll be spending about the same for either. The advantage of the former is that if it ever goes bad you don't have to drop the tank.