Rocket, I have two PW50’s here in the shed. One with the oil pump connected and the other disconnected and running on premix. The one running on pre mix which is incedently 19 years older than the other, runs heaps better.
If you want to disconnect the pump,block off where it goes into the carbie and put a loop of tubing around the pump from the inlet to the outlet,effectively creating a circuit that the oil that is in the pump still, can circulate and keep the pump lubed just in case you want to use it in the future.
If someone cant help you out with the pump settings here, try one of these sites.
http://www.pwonly.com
or the Pee wee section at Thumpertalk.