Its about the only weak link on the carb V6 - If the plastic gear lets go, the first you'll know is seizure.. Motor may then be beyond economical repair.
I have the same motor as you and decided to get the Mercury bypass/block off kit for about £7 and be done with the oil pump. No more worries (unless I forget to add oil to the fuel one day!)
Removal of the pump, plunger, tank, wires, sender, alarm module can be done in a couple of hrs easily.
If you need any help shoot me a PM.