Simple to do. Cut the oil feed line just before the connection into the motor, by the side of the fuel input. Plug the stub of the hose and make it air tight. Disconnect the connector carrying the wires from the VRO. This will shut down the oil warning.
Continue to use the VRO fuel pump as this is probably ok. No need to replace the VRO with a standard pump. Be sure to use 50:1 mix. The VRO fuel pump is a field service item, the oil pump is not. If you prefer to replace the VRO I believe your motor came with the block prepared for a standard pump. If so simply remove the plug from the block and bolt the new pump on. Fit new hoses. You will need to seal the impulse hose that powered the VRO. Or you can remove the fitting from the block and replace it with a 1/8 NPT plug as my memory serves.