These are some of the parts you need to remove.

I have the fan and shroud removed. So far I understand that the PS and water pump pulleys need to be removed. What is the third pulley to be removed? Also what is that 'Y' stamping and the small flat piece above it?

Third pulley is for the fan, 'Y' bracket mounts the tensioner, the small flat piece is the pointer.

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'86 300E 5 speed
'71 Triumph TR6
'46 Cushman Scooter
'41 Ford 9N tractor

I have the p/w and w/p pulleys removed. In trying to remove the cap screw from the front of the fan clutch I had a narrow piece of metal to catch on two of the four bolt heads that hold the fan pulley on the shaft. Well as Murphy's law goes the metal slipped on the bolt heads and before I could stop myself the metal caught two fins on the fan clutch an broke them off. (OH BOY more parts to buy!)

Any recommendations on how to hold thus shaft in place while I attempt to loosen the screw?

"The only way I was able to loosen the bolts holding free-spinning pulleys off the various pumps was to use a Craftsman strap wrench (around the pulley) and some elbow grease."

The strap wrench is basically a thick strap of rubber attached to a handle. When you twist it, it gives a solid grip and immobilizes the clutch, freeing your other hand to tackle removing the bolts.

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1987 300e "200,000+ and going strong"

You make a "tool" out of quarter rod. There is a couple of abutments on the bracket that holds the fan bearing on to place this - see foto. The foto of course is the part OFF the car. You place the tool between the abutments and turn the pulley until you feel the tool go into a hole in the fan pulley holder. This will hold the pulley solid while you remove the bolts

If I loosen the four bolts that hold the pulley on the shaft would the entire pulley and clutch come off as one or does the screw in front of the clutch thread into the same piece that the pulley is attached to?

Note: This job is becoming bigger. I have been noticing a very small coolant leak that only seems to occur after the engine is shut off. While dismantling for the tensioner I noticed that the water pump shaft has a wet stop. Looks like I found my leak; at leas I hope so. Going to have quite a parts list when it is done, but with this tear down for the tensioner it would probably be a good time to take care of the water pump. This car is quickly trying to make up for all of my years of low maintenance cost W123 driving. I would be able to get rid of this car now. I will have too much money in it. But at least it isn't like my 1999 Jetta TDI that at 120K miles had a turbo failure that tossed a vane piece into the intake and take out a valve. Looking at BIG money on that POS.