It does seem that there is quite a number of viewpoints about this -- I was out the other day and was just told that I HAD to get rid of the cat...
Another couple told me that if the cat is not in the habit of being close to your face, if you are co-sleeping, it should be ok.
I think that if the bub is in a different room you should make sure that the cat stays out. I have been looking into screen doors (fly wire ones) and some of the places have done this for a number of families before. I am looking into options that will not require hinging the door into the frame so I can remove it easily without leaving holes to fill in.