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If you're deleting the alt it may be worthwhile, trading ~35+c/kWh of useful diesel energy for ~15+c/kWh of useful electricity from the grid is a winning proposition if you can get storage costs at or below ~15c/kWh, but I don't think you'll be able to see the difference in bearing drag or rotating mass in terms of FE. I also think you should also wire it up to the IP solenoid, so if the electric pump/controller fail the fuel stop solenoid cuts off fuel to the engine.
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