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Lots of times that squeak is caused by the hub moving in closer to the pulley, first thing to check is the air gap, GM or Mastercool make a special tool for this. Also need that hub pusher/puller tool to remove the hub, then a large pair of snap ring pliers to remove the idler pulley, bearing comes off with it. But not the easiest to change, gone is the internal snap ring GM use to use and it's now peened in. GM makes a special peening tool, but with a vehicle this old, the cast iron tends to chip more than form. I tend to drill in a couple of flat head screws to secure the bearing with just the edge of the flats catching the lip, other guys use Loctite. If caught soon enough, can pop off the seals, clean the balls, check the races, what you find is very little grease that is rock hard, so I add real grease and good for another 100K miles. But if you see any pits in the balls or races, it's a candidate for the trashcan.
Put over 300K on a 65 Buick, never had problems with either the compressor or the bearing, so GM did know how to make a good compressor and bearing at one time. 73 Fleetwood bearing went out at 140K, but was easy to change, compressor was on top starring me in the face. These newer cars are miserable and more prone to failure, it is possible to remove the idler pulley, but you are going to get all dirty in the process. And with these single drive belt systems, any pulley in that drive train can leave you stranded. With the Fleetwood, just removed only the compressor drive belt and kept on going, can't do that anymore. Still had the alternator and the water pump and you really need that water pump with all the plastic and aluminum that are using today.
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