when you are not turning, there will be very little load on the power steering pump. the power robbing load is when you are holding the wheel at full lock and the system is at max pressure. the biggest problem you will likely see by removing the belt would be wear and tear on the steering gear assembly due to no fluid cycling through the system. It would likely take a while for problems to show up, but it will reoccur sooner or later. Getting a real manual rack would be the easiest solution for you.
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