That's what I did on my '94 E320 with the M104. Whatever info I found online about using a M103 belt was wrong though. I had to try a few in the parts store parking lot. I forgot to write it down though.

Doing this required plugging some lines into the head and exhaust. I removed the EGR at the same time so I don't remember what went where exactly but I made plugs by running a pipe tap into what was left of the lines, not the head which would also be possible if you're feeling ballsy, and putting some pipe plugs in.