This is one for recycled csenic to answer!
Where you having a dyslexic moment there Dan? :d
Assuming that the dephaser used on the 1.8 F4P is the same as that used on the 2.0 F4R? Which I would think they probably are ? As the F4P is just an under bored version of the F4R.
The noise sounds far worse than it is. It takes a very small amount of free play in the dephaser before the car starts sounding like a diesel!
The dephaser pulleys I have had apart showed very little signs of internal wear.
I have also read on another forum some one doing 30,000 with a noisy dephaser on a F4R with no noticable long term ill effect to the engine by the time it was changed.
I have only seen photos of a dephaser pulley used on the 1.6 K4M and internaly it was very different to the F4R only having half the number of chambers and it had debris inside it

though I belive these start to rattle when worn as soon as the engine is started.