thinking about bypassing my smog pump......

My smog pump is making a squealing noise which is getting to be very annoying, so I am thinking about running a short belt and bypassing it. I was advised not to do this because it would cause the cats to get very hot and could possibly cause problems, like destroying the cats and/or O2 sensors due to the excess heat. Anyone out there ever had this happen? If anyone has been bypassing it for any length of time and can testify to this I would appreciate it....I'd like to do this but I really dont want my **** to get all FUBAR'D up. Thanks.

Thanks, I want to delete all that crap but I can't do it until I get myself a new DD. Unfortunately I do have to deal with emissions here. The plan is to bypass the smog and run it like that until i get the emissions done in september. Sometime between now and then I'll also be getting a new DD. After that, I'm pulling everything and swapping in a new motor.