Wow! That's a toasted bearing, all right!
What else are you thinking of replacing? I suppose at 200k it would probably be prudent to do the water pump and TB tensioner while you're in there. So, while it would require some re-work, which I always find frustrating, I would try replacing just that idler pulley first to keep the cash outlay small. Make sure the cams are in time, as RaceFace mentioned, then try a compression test. If that looks good, take the belt back off and do whatever other things you want to do.