I personally don't like rust on this killer Lexus engine, even if it is a tensioner and water pump pulley. I'd consider lightly sanding the bottom side with the engine running to knock off the rust and pull the part off to put a little prime & paint on it. The idler doesn't look rough enough to damage the back-side of the serpentine belt too bad. Aluminum, plastic or stainless pulleys that don't rust would be nice.
Other than the impeller looking old and the fins permanently deformed in the position it apparently sat for a long time, it doesn't have chunks out of the fins and they're not cracked. If run very long I'd imagine it'd come apart pretty soon. Certainly not worth the risk. Great idea to change it....