You should definitely decant this for purposes of eliminating the sediment. It is more than just presentation, you do not want a glass full of wine mixed with sediment. Not only will it look bad, but the taste will be adversely affected by the sediment (and the texture of the sediment will not be that pleasing either, but less a factor than the affect it will have on the taste).
I would drink this now, and definitely decant it. The wine should be fully mature, which side of maturity depends on the storage factor/variation mentioned above. It may even benefit from a short "airing time" in the decanter. Oh, and definitley stand the bottle up the night before drinking and be careful of the cork removal. If you have one, you might want to use an "ah so" cork remover (the best for removing corks from older bottles).
Below is a review from Steve Tanzer in 2002:
Stephen Tanzer's International Wine Cellar, Sep/Oct '02
Bright red-ruby. Captivating aromas of currant, smoky French oak, coffee, game and animal fur. Sweet and meaty in the mouth, with lovely texture and suggestions of exotic spices. Opens out nicely on the back half in a way that few of these '87s do; has a mouthfeel I can only describe as claret-like. A firmly structured wine, with rich, evolved flavors. Finishes with broad, ripe tannins.