The rack boot keeps dirt out of the steering rack. The one on the driver's side protects the actual rack & pinion. The one on the passengers side protects the hydraulic cylinder. Either way, you'll ruin the rack if you leave it torn.

Here's a '96; the rack boots are different numbers, so there's apparantly a difference between them?

That boot is only like $10. For that price, it's not worth the time to try to patch it.