Turning off magic_quotes_gpc?

I'm maintaining various php scripts on a server that was originally configured to have magic_quotes_gpc turned on. The installed php version is 5.2.6. I've read that magic_quotes_gpc is deprecated in 5.3 and continuing to use it is "highly discouraged." I've ran into a few fields that I believe this is causing issues with so I'm considering turning it off but am wondering what steps should I take to make sure that nothing breaks and what should I look out for? Also, is it still a good idea to turn off since this installation isn't yet at 5.3? Cheers, Michael