97 ranger driveshaft balancer rotted off?

[ncsdaonex]

So I have 97 ranger reg cab, 5 speed 2.3, the round metal piece at the beginning of the driveshaft the rubber deterierated, to I took off that metal piece and put the driveshaft back on without it, it works fine, is this ok to do and wats the purpose of the piece?

 

[v-8power]

I believe it acts like a harmonic balancer. I wouldn't worry unless you start feeling a vibration.