Yes
"need a separate holding tank" lol
Have no major worries. MTs have a convenient switch on the panel to simply turn off the system, unlike Whirlpool and Kenmore made machines of that era.
If you know for certain you're not going to use it, it would probably be best to connect the drain hose directly to the pump as the valves can impede water flow and act as a trap for lint.
Sudsaver water was intended to be re-used with in a matter of a few short hours after it's been dispensed. The idea was to re-use the best of the HOT/WARM soapy water with the dirt/lint that's settled out, left behind. Obviously, that water cools quickly and the soap loses it effectiveness as well.
When that expelled wash water is left in the laundry tub longer, it doesn't take long for it to start smelling and growing bacteria. You don't want to know what it's like when a thrift conscious, or ignorant neighbor with a sudsaver, tries to save hot water used to wash babies diapers...
Whatever you do, don't just rely on keeping the switch on off and thinking because you're not using the suds hose you don't need to connect it. If you accidently bump the switch and the suds hose is not attached or in a drain, you'll have a mess. Believe me, I've seen that too. (College age cousin....inherited a washer.... didn't know any better.... water all over the floor. ) Also, sometimes these suds valves don't fully close and may leak a little bit of water. That's another potential leak issue.
So, just connect your drain hose directly to the pump and avoid all that.