One pump will work but I prefer the "one for each engine" set up, as that allows me to polish both tanks at the same time.
Here's a photo of the completed change-over.
Very clean and compact. The spring-wound timer switches are on the forward ER bulkhead.
With this setup my on-engine "last chance" filter should basically never need to be disturbed, and injector damage due to gunk in the fuel should be basically a non-worry as well, since this filter system is rated for the much-tighter-tolerance Cummins common-rail systems.
Ripping out the dual Racor 1000s and replacing them with this ended up costing me about $300 net-net and a full day's work, after I sold the Racors for $100 each. The pumps were $100 each and the fittings were non-trivial, as I used quite a few of them to get the options (polish/prime/etc) - without that you wouldn't need all that brass, but on the other hand you can't beat the utility of being able to polish your fuel any time, transfer between tanks, and re-prime in the event you need to for some reason, whether its due to running out of fuel or just after maintenance. The valves were all re-used from the old system which saved me some money, and with the exception of the polishing pump and the feedhose from the stock copper pipe to the inlet of the first filter all the hoses were able to be re-used as well - the lengths worked out fine.
Water checks are a matter of sticking a cup under the drains on the bottom of the filters and cracking the valves - 10 seconds max. The first element is a high-capacity 30 micron bulk separator and the second is the Fleetguard FS1000 elementl; both have drain petcocks on the bottom. Neither will pass water. The restriction gauges are right "in your face" as well which makes underway checks trivial.
One thing I noted immediately is that the old Racor system would exhibit quite a bit of "jumpiness" in the restriction while underway, indicating possible bypass of the element and/or stuck valving components in the system (e.g. the "ball" in the RACOR). This system does not do that - at all. Fuel delivery is smooth at all RPMs.