I ended up replacing the tensioner assembly and the shock. The lower bushing on the shock was worn badly and squeaking - probably contributed to the noise.

It was tough to tell if the tensioner assembly was bad - although the belt had lost all tension - so I assumed it was time for a replacement.

In terms of procedure for those of you who attempt this in the future, I would recommend the following:

1. Purchase the MB tools to remove the fan - device to hold the fan clutch and the hex socket. Get them from your dealer, or Performance, less than $20 and well worth the money.

2. You do NOT have to remove the radiator on a 201 to get the job done. Just be patient, work slow, and it will come out. Here is what I did.

Removed radiator support.
Remove fan shroud.
Remove fan and clutch (the socket is required for this. I could not get a round head ratchet in there, had to use my oblong head Craftsman to get it out)
Loosen the belt pulley bolts on the WP and PS.
Loosen the main tensioner bolt and relase the belt tension.
Remove the belt and the pulleys.
Remove the two bolts on the tensioner support bracket that are attached to the PS pump. Remove the main tensioner bolt. Leave the left-most bolt attached and swing the bracket upwards to let the tensioner come out.
Remove the top bolt from the tensioner shock.
Work the tensioner out - it will come.

Re-assembly tips:
Make sure that the tensioner support is fitted correctly over the center section of the tensioner. Should be able to move the tensioner enough to slip the belt on.

If replacing the shock, don't bolt the top down until you get the belt on. The new shock will be stiff and it is easier to get the belt on first, then compress the shock and bolt in the top.

Hope this helps. Good luck!

__________________
Chris
93 190e 2.6 147k
81 240D 265k
89 Range Rover 165k