You'd better get it replaced right away, dude. Those things are notorious for locking up when you least want them to, not too long after the bearing noise starts. If and when it does, you'll be walking because it'll burn the belt. They're only $30 + core(for the 87-93's anyway) at any discount auto parts store, plus most come with a lifetime warranty. I wouldn't remove it for several reasons, but the most important being it prevents your catalytic converters from burning up. Just replace it and be done. Good luck.
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Capri306, Moderator, The Mustang Works Online
1979 Mercury Capri, 5.0L -- C4 -- 2.73
1987 Mustang LX Notch