It's not your job. It is management's. If it is not worth the risk of airing your concerns to management, then that just shows that it is not really the particular developer that is the problem. And the idea of "the team" taking matters into its own hands is just another sign of how dysfunctional the workplace is.
Either act properly, or don't act. There's no excuse for anything else. The internet cannot give you permission.
Good luck.
What would you recommend them do in order to either get him off the team or start pulling his socks?
Before doing either of those things, why not try to address why he isn't working? Is he finding his tasks boring? Is he out of his depth? Is there a problem outside of work that's affecting his productivity that he needs help with?
It's preferable for everyone if you can help a team member rather than being antagonistic or defensive when there's a problem.