The insulated pair is a great idea. I run 3 or 4 wire so that I have additional wires from the front of the car to the rear for anything that I might add later.
As Duke mentioned, don't overthink this. Battery fused power to pin 30 of the relay, the pump wire to pin 87, pin 86 to ground and pin 85 to the Holley harness. You can have pin 86 also supplied with a low amp 12v+ rather than a ground if needed - the Holley will handle each for ground switched outputs. If you are using the Holley for 12v+ switched, then pin 86 need has to be ground. Either way will work depending on how it's assigned.
You're using a Terminator X, correct?
As Duke mentioned, don't overthink this. Battery fused power to pin 30 of the relay, the pump wire to pin 87, pin 86 to ground and pin 85 to the Holley harness. You can have pin 86 also supplied with a low amp 12v+ rather than a ground if needed - the Holley will handle each for ground switched outputs. If you are using the Holley for 12v+ switched, then pin 86 need has to be ground. Either way will work depending on how it's assigned.
You're using a Terminator X, correct?