I think you're going to buy a LOT of Racor elements. They just don't hold anything significant before they clog.
The Fleetguard is another matter. It seems to have limitless capacity by comparison. I know it doesn't, but perception is reality sometimes.
I got a full year out of ONE FS1000 Fleetguard cartridge per engine (2 total). I used to run through a CASE of Racor 1000 elements over the same time frame. Frankly, I probably didn't need to change the Fleetguards (restriction was still within spec) but I did this spring anyway.
The other thing to be aware of is that the Racor is a 30 mic element. The Fleetguard is an absolute 7 micron, which is more like the 2 micron Racor element (Racor refuses to publish ASTM-standard-testing method results for their elements.) What this means is that while it will "work", it just isn't going to get as clean as it would with another approach.
The F1, by the way, is a single-micron filter when used properly, but it has very limited flow. You CAN'T use it as a primary; its only good as a bypass (e.g. polishing, bypass oil, etc) filter as it won't flow enough to be usable as a primary inline element.
So in short, yes, the Racor will work, but I'd give consideration to fixing your filter system while you're at this since you're adding the pump anyway.