If either the timing mark has demonstrably slipped, or the bonding rubber is visible deteriorated (oil can tend to rot them), it's time for action. This part rotates at engine speed, and the idea of it coming loose to play in your engine comparment at 4500 RPM is not one I like.
I think the cheap rebuilds are only like $25 or so. The ROMAC Mike sells was designed/made to order; it's an Australian part not available Down Under!