There is no connection between the seat belts and airbags on a 97.
You should have no problem with removing the module, but it would most likely be neater to unplug B74 which is the plug for the key warning switch itself. It's a black 2-pole plug on the steering column with one white and one yellow/black wire.
That will kill the key warning buzzer without affecting the seat belt light. If you want to kill that whole system just pull the module.