Lower Pulley

I was cleaning up my lower pulley while it was off and noticed there is band around both sides, which is starting to crack. I am assuming it is sealing the balancer mechanism.

Should i be worried if it is cracking, I was just going to mask up the belt surface and give it a lick of paint.

Hi, I must admit I never knew that it went through as yours shows. Every day's a school day.

Its basically a conentric inner and an outer metal ring seperated by a ring of rubber.
Ive not had trouble with on on a TF but the rubber section on my MGB engine's pulley started to fail and caused a surprising amount of engine vibration.
I was toying with bypassing the failed rubber section by welding on strips of metal to permanently join the inner and outer metal parts but then found a good 2nd hand one which saved me the trouble.
If the rubber ring has degraded enough to allow the outer part of the pulley free movement in any direction then the pulley is best replaced.

I'd take the opportunity to change it.  Could be bad news if it fails.