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I have a Napa 535 hanging on the wall in my garage from about 2007. Sold my 06 MCS before I got to use it.
Now I am planning a pulley for our 05 MCSa and thinking about using the belt. It has been in a dry garage attached to the house that does not get below freezing. Nothing silly has happened to it, it is just hanging there.
I think I read in Bentley that MINI recommends changing the belt every five years. If that's true, it's food for thought. I personally might, because I'm adventurous (cheap). I'd make sure you have a limiter on the tensioner in any case.