Yup, you got it.
In my opinion - your lift pump sounds like it's boarderline toast - but they are such a PITA to replace that if you can get it to spray fuel out the top of the filter, I'd keep it. I would not recommend an electric pump as your only fuel pump, since in my experience they break at bad times (there is a reason I drive an almost fully mechanical vehicle). An electric pump in-line (before) your mechanical pump makes it wayy easier to prime your fuel filter. But like I said, I wouldn't rely solely on the electric pump. (your truck, your call)
Replacing a mechanical lift pump is a pain, but it's not the end of the world. I did one myself when I was 16. Granted, it did take me 2 days.. But I got it done. I'm sure you'll be able to do it in an afternoon.
Spin on filters are sexy. They make life so much easier.
Electric fuel pumps are nice when they work.
I would not convert to 12 volts unless you lived somewhere hot and were really bent on it. In my experience, the 24 volt system cranks over wayy better than the 12 volt starters. I live where it's cold - so I need this.
If you want to run 12 volt accessories - your truck will power 100 amps of 12 volt electrical junk right now. You do not need to convert anything to power a radio, extra lights, etc. (I KNOW because I have them).
The only reason to convert to 12 volt is that your electrical system gets a little simpler(but you already have TM's to make electrical work easier), you only need one alternator(only matters if you want A/C), and you can accept a jump-start from a civilian vehicle.
Good luck!
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