I'd repalce it rather than wait for it to go and really bugger up your engine. The part is not expensive but installing it is a bit of a pain. I had my local mechanic do mine and the tensioner at the same time for piece of mind.

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1993 320TE M104
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past:

1983 230E W123 M102
1994 E300D S124 OM606 (x2)
1967 250SE W108 M129
1972 280se 3.5 W108 M116
1980 280SE W116 M110
1980 350SE W116 M116
1992 300E W124 M103
1994 E280 W124 M104
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"music and women I cannot but give way to, whatever my business" -Pepys