Yes, I am concerned that the noise might be my indicator that the pump is on it's way to failure, especially given the play that I can feel by moving the pulley up and down with the belt off. I value your experience, though. If the squeel is rarely water pump, and much more often the tensioner, maybe I'll wait a little. What do you think?
I've replaced both items on my old 300E, that pump failure was evidenced by a slowly developing leak.
(Oh man, this car is sooooo fast.)