Electric fuel pump

[Quikshft]

Wish my new L31 had provision for the mechanical fuel pump but alas - no.

I'm going to run the Holley Might Mite, and already have a relay and oil pressure safety switch like depicted in the diagram. I believe I can run the wires as the diagram shows, but as an electrically challenged individual I am not certain what is happening at the safety switch. I think the desire is for the fuel pump to run while the engine is cranking? So the wire from the "S" terminal on the starter solenoid will provide that correct? Then when the engine starts, the pressure switch closes and the solenoid quits feeding but a "Key hot" from the ignition switch takes over? Does that "Key hot" really need to come from the ignition switch or can I find something on the fuse block near the clutch/brake pedals under the dash?

For my own peace of mind let me know if I've got this right. Thanks!