The A/C compressor on my 97 Caravan w/3.3 litre is shot (bearing). Can a new belt for non-A/C equipped vehicle be put on and just bypass the compressor or is there a problem with that?

as long as the shorter belt will fit on without rubbing against anything and the rest of the pulleys will still rotate in the correct direction, I cant see why not. I did the same thing to an 89 Ford pickup when the smog pump went out, just had to grind off part of a bracket for the belt to clear it so I could reroute it.