If ABS light is on, ABS is already disabled.
Frankly, $220 is not alot when it comes down to something that could save your life when, for example, a deer jumps out in front of your car.
ABS has two features that come into play while you brake hard: It keeps your car moving in the direction you steer and it decreases stopping distance. Without ABS, the wheels lock up and you are a sled on a one way track to wherever your car wants to take you.
In certain conditions such as loose gravel or soft snow ABS can increase stopping distance...however, in these conditions (when you should be driving slow anyway), the ability to maneuver and brake at the same time without pumping the brakes can far out weight the few feet you may have added in stopping distance.
One of my sensors was replaced under warranty. I'm guessing you are looking for alternatives because your warranty is up. If it is not, take it into the dealer and have them take a look. If it is, take it into your dealer anyway and get it fixed.
Edit: If you're considering disabling your ABS... read (don't just skim) the following website:
http://www.abs-education.org/