Yes, what you are suggesting will work.
I used a '94 hanger with an aftermarket pump as you have suggested. I went with 155 lph as I'm running around 300hp +-. The '94 has a 3/8" outlet pipe vs the older hangers that have a 5/16" outlet, to which I'll run a 6 AN line to my fuel filter. I think the return line is 5/16". I'll be running both supply and return line in 3/8" (6 AN). The 3/8" I'm using is a bit over kill for my HP but leaves room for future additional HP.
You will find Breeze, a supporting vendor has what you'll need. Here is a link to their site for the pumps:
Breeze Automotive Factory Five Racing
If needed you can call Mark at Breeze and he can answer all your questions for you. Great vendor
I bought my hanger from Rock Auto.