Replace it soon!
You will need to remove the jet pump but not the motor. The jet pump is simple to remove, remove linkages and 4 nuts and it is off.
The accordion boot provides the preload on your carbon seal which is your shaft seal. Without it you will leak around the shaft and maybe sink.
The boot is secured with fancy otiker (sp?) clamps but I used heavy duty (with metal insert) genuine nylon tie wraps and have had no problems