I also have a 1Gen MBP (MacBookPro3,1--or "Late 2007') and have used iStat Pro since the computer was new. Mine has never showed only one fan running. I think you've had one die.
The downsides to not fixing the fan are:
1. The functional fan will have to work harder and could also fail from shearexhaustion.
2. Cooling with one fan is inefficient and could cause an overheating failure of components normally served by the non-working fan.
If you live in North America, ask for a "Depot Repair." Instead of fixing the computer in the shop where you'll get a charge of from US$700-$1100 for, say, a logic board, they will send it to a central refurb facility for repair at a flat charge of about US$315 plus shipping to fix anything that's wrong as long as the case does not show signs of physical abuse or drowning (beer stains under the keyboard kills the deal).
A depot repair takes longer that the in-store repair (usually about one business week) but the cost savings is well worth the wait. Most people here who have exercised this option report getting the computer back in about one business week and are very happy with the outcome.