Hi Randy,
First and foremost, I don't have any first hand experience with these little senders, and so I'm only repeating what others have relayed in their experiences... so take all this for what it's worth.
Here's how it was explained to me: The fuel pressure switch exists purely for the STE/ICE diagnostic equipment. What's that you ask? It's the gear that plugs into that great big round multipin connector under the dash. The switch sends fuel pressure info back to the STE/ICE unit for diagnosis purposes. The civvy trucks never had them.
As to if it's okay to pull it and plug the hole, dunno for sure. But it sounds reasonable that since it's a diagnostic item only and assuming you weren't planning to get the STE/ICE gear for your truck, it would still be okay to just remove it and plug the hole. Do at your own risk, your mileage may vary, etc, etc, etc.
Personally, I like to put back every part that it came with from the factory. So when and if the one on my M1009 ever starts to leak air, I'll replace rather than just remove.
Good luck, and report back what you decide to do... I'm curious.