guys you've got to be kidding, sprAYING WD 40 on the bearing ? No way even an antique mechanic will tell you the same thing, no such technique or proceedure, if its the bearing, you need to replace it, all bearing in that area are sealed type. Men from which planet are you guys from?

and for the water pump, its also sealed type and unless htere is no water, it will indeed make a squele sound to check if the water pump is ok, first, leak test, then check if water is still circulating if so there is nothing wrong with the water pump, usually the idler bearing goes out first, if thats the case you need to take it down and have a machine shop press out the bearing and replace another new one which will also require a machine to press it back in, doing it manually is possible, but warning unless you have a digital hand that can precisely press in the bearing with a nice alignment, its best you let the machine shop do it.