You don't need to remove the shaft or the pump for that matter - simply run an single tube from the out to the in on the pump and let it continue to run essentially doing nothing - that alleviates the need to remove and plate over to keep cooties out.
My question would be however, why are you disabling the oiler?
Although the oil injection gets blamed for everything from a single piston failure to an overheat, out of every 100 toasted powerheads the total failures caused by a bad oiler are between zero and one (1) - the system is generally pretty bullet-proof.
Additionally, if you go to mixed gas then you are always burning 50:1 (instead of the variable rate the oil pump gives you), so over a 5 or 10 year period of average use, your cost for "extra" oil will far outweigh the repair costs of fixing an oiler that has failed (and on Merc's it's pretty much restricted to the drive gear that fails and only on earlier models)....