Yes. Just don't turn it counterclockwise using the large nut; if you back THAT off and lose the indexing on the hub (not easy to do, but not impossible) THEN you have real trouble. That nut should be plenty tight to prevent it from coming loose with the belt off but do pay attention.
The slot in the hub (through which the pin goes) lines up with the square on the top of the pump body (it's rather obvious looking at it, there's only one) -- that's where the correct hole is. There is also a sucker hole that is far enough away that if you pin there you're out of the injection window and it will not start.