The babbit ring is the pump bushing, separate from the seal.

If you're real careful you can remove it with a cutting wheel, I would prefer to pull/press it off; you don't want any blemishes on the hub surface.

While most factory bushings are bronze there is nothing wrong with a babbit bushing, many converter manufacturers insist on them. If the bushing seized the hub there is a problem with clearance or lubrication.