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When faced with your choice about fuel pumps, I rebuilt my mechanical pump with new diaphram and valves from Moyer Marine. We went with the mechanical pump for simplicity and reliability. The price was right as well.
There is a saftey concern with 30 year old diaphrams--they will on occassion leak gasoline into the engine oil. So if you stay with the mechanical I would replace the diaphram (and be good for another 30 years).
The rebuild was not an overly difficult job. But I do recommend being very careful when dissambling the pump. (My son and I spent about 30 minutes on our hands and knees looking for one little retaining clip).
Good Luck!
Mike
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