You wouldn't have to deal with the p/s challenge for very long--when the belt breaks the water pump stops too...What you will end up losing is money out of your wallet!
If it's worn out replace it before you have to replace the serpentine belt, or worse yet be going down the interstate and have the belt brake. Have you tried steering our cars without the power steering, man these things are worse than any old truck I've ever seen my life.