If you install it on the fuel line, yes you will have to pull the needle out. It comes out just like a valve stem needle. You won't need anything special to hold it on, besides the fitting that screws in. Once the pressure bleeds down you won't have gas pouring out all over the place.
Again, you can use the port for the gauge, it's just a matter of getting the right fittings for it.
Red 93' Cobra with a cogged NOVI 2k, R331
Black 93' Cobra with a Flowzilla 2.2 Kenne Bell