It will no doubt pump the water. You should find the model number of the pump so you can find its characteristics (GPM and pressure capability). What is the outlet size on the pump?
I usually suspend submersibles in a lake from a float, though some will support them at an angle. Unless the water is very hot (unlikely) you shouldn't need a sleeve to simulate the well. If you use a sleeve, even if the sleeve is open at the top you will get enough flow past the motor to keep it cool. In any case, the pump should be supported off the bottom.
If you use a float, connect the black poly pipe (size TBD depending on pump capacity) with a male elbow. Run a length of 12/2 UF with ground to the pump, fastened to the pipe with Ty-Raps. Goulds recommendation is #12 for up to 480 feet from service entrance; #10 for up to 760 feet.
If there is no back pressure (open discharge) it is possible to overload the pump, both electrically and mechanically. Later designs of smaller pumps are designed so they will not be damaged if operated at open discharge.
If you have ANY shut-off valve in the line, you should add a relief valve off a tee. Submersibles will generate tremendous pressure if shut off, and will probably blow the pipe or joints will come apart.