Hi Wolfie, you could strip it down to the bear motor, but you are likely to need to do some mods to the shaft and end housing as suggested by Martin P, as they are normally dedicated motors for pumps.
**LINK**
The above link may give you an insight into the innards of the pump and the shaft arrangement. It's a different make to yours, but all these close-coupled pumps are fundamentally the same construction arrangement.
If you do decide to keep it as a pump, please do not run it dry, as you will most likely damage the sealing arrangement on the shaft.
Regards Nick.