Interesting reading and something to consider (taken from IS300.net)...
Subject: Harmonic Ballancer Purpose
After the last round of ur pulleys and removal of the stock harmonic
balancer, I completed additional research, including a note to
Fluidampr, the manufacturer of fluid type dampeners. Basically, this
is what I learned:
As to its primary purpose, a "harmonic balancer" should, more aptly,
be called a "torsional dampener," since a crankshafts actually twist a
small amount every time a cylinder has a power stroke. Thus, the
HARMONIC portion of the name is that a harmonic balancer
attempts to "cancel out" or disrupt those rhythmic (harmonic)
vibrations. These vibrations consists of fundamental and
HARMONIC frequencies. It cancels out the vibrations by flexing a
heavy metal ring, mounted/vulcanized on rubber every time the
crank twists; it is a simple spring (rubber) - mass (metal from the
rubber outward) unit tuned to a narrow band of vibrations. - it is
designed for the specific range of "vibrations" that a specific engine
produces - hence, just not any harmonic balancer will do. Elastomer
dampers, such as the one on the 7M-GTE, are, actually, a tuned
absorber.
Technically, the primary purpose of a harmonic balancer is to cancel
out third harmonic distortion by using intermodulation between the
second harmonic and the fundamental in the space charge regions
of the triodes Doesn't everyone just love engineers when they make
such statements
Without such a dampener, the ultimate problem could be that certain
vibrations could occur at a frequency (rhythm) that happens to be
the "critical" vibration point of the material the crankshaft is made
of.
In addition, per a response email from Fluidampr, the harmonic
balancer has a secondary purpose. The BALANCER part stems
from external balance engines' requirements for enough weight
to allow the engine to run smoothly. The manufactures add weight
to the damper and/or flywheel to make up for weight that can not be
placed in the counterweights that connect the main bearing journals
to the rod journals.
Hence, putting the Harmonic ( frequency dampener) and the
Balancer (add weight for smooth engine operation), we arrive at the
name of HARMONIC BALANCER.
Bottomline, replace the Harmonic Balancer at your own risk.
Just my thoughts and research.