Certainly a possibility, but first check the operation per the manual. The spacer between the pump and the block adjusts the 'throw' of the arm, and therefore the pump volume. If things are worn on the camshaft or lever arm, it's worth a check to see if the pump would come back to life with an adjustment to that spacer. Even if it's only an academic exercise!
The rattling could be actual 'hopping' on the pump cam, which wouldn't be real good for things. It could also be in the mechanism of the pump itself.
Rebuild kits are available for the OEM pumps, and complete replacements are available as well.
If you jump straight to the electric replacement approach, the pressure should be low -- in the order of 3psi (check manual to be sure) and a "crash switch" should be used to ensure it's turned off in a collision. Ford Taurus switches are often used, possibly because they're well-represented in junkyards.
Good luck!