...when it comes to ABS repair, that is. I have similar problems, and no intention of throwing money at it either. Since I only drive the car in summer/fall, never in winter, and seldom in rain, working ABS isn't a big priority.
I believe that the system goes into fail-safe mode when there is a problem detected, like a faulty sensor. So you'll always have brakes (providing of course that the hydraulics and everything else non-ABS is up to snuff), but there is that annoying dash light.
Taking out the bulb tells the system there is a problem, so that's not a good idea, or so I've read here. I tried black tape on the outside, but that looked bad, so I tried it on the inside, but it didn't block the light at night, and heat from the bulb will melt tape applied directly. My solution was to remove the bulb and holder and push it to the back of the cluster under the dash.
So I have working ABS about 50% of the time, more or less, judging by the pedal feel, which is odd when it is acting up (kind of a scrunching sound and fee), and I just keep on motoring...
