There are three functions of a hood pad, two of which are rather critical.
1. Sound proofing
2. Heat shield (protects the paint on your hood from engine heat)
3. Fire suppression (will drop off of the hood onto the engine in the case of a fire and help to smother the fire)
Given #2 and particularly the safety implications of #3, I'd replace it as soon as your budget allows.
'87 560SEL 267K (177K on motor) Blue/Blue
'98 Buick LeSebre 60K (wife's car)
'56 Imperial Sedan 124K
'67 Dodge Monaco 130K (Sold)
'87 Chrysler 5th Ave 245K and going strong (sold)
'73 Plymouth Satillite 175K (sold)
'96 Chrysler LHS 80K (totaled)