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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
you pick up maybe 5hp from not having to turn it. all it does is pump fresh air into the exhuast to help burnoff any remaining hydro-carbons
you can buy replacement pullies that bolt in its stock location is the easiest way.
or just remove it and try and find the right sized belt.
in my case i removed it because it went bad and was making a LOUD squeak and it was annoying as hell so instead of replace it just take it off. + all the above