You can find photos here of the mess made when the p.s. belt buzz-saws thru the top oil cooler hose. Happened in my 1984 300D, but fortunately my son was just 1 mile from home (on a 500 mi trip). In my case, there was clearance, but the AC belt had broken and flipped over the p.s. belt.

I wrapped spring wire around that hose in both my cars for protection. I also loosened the top hose fitting and rotated it as far away from the p.s. belt as I could. If you replace the hose, there is a good post here w/ photos (recent discussion, so you can find the link posted, used 5/8"D AC barrier hose & clamps). If you install new motor mounts, many people fill them with urethane. I used PL polyurethane black caulk from Home Depot.