SHort answer is Yes. Get a Raptor, AirDog or Fass on the truck asap. Generally, the above mentioned pumps don't fail, so I wouldn't say its essential to run a light or gauge with them...but it isnt a bad idea either.
IF (BIG IF) you catch a dying lift pump early enough, going to a good pump MAY save your VP44. The crappy thing is, it might last another 5 years or 5 miles. VP's will typically give some signs of failure before leaving you stranded. Hard starts hot, stumbling, lack of power and usually injection timing codes.l
As mentioned above, lubrication is key, so be sure that you are running some sort of additive, two-stroke oil or a little bio to help keep the pump happy.
Good luck!
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2004 2WD
653HP on Fuel/755HP with NOS
12.73@108mph Slicks/ 12.81@114.5 (9/4/09)Street Tires!
Left Coast Diesel * Concord, CA