Thank you @ 97 SL320 -

Appreciate the link and pic attached. Yes it would be nice, if it turns out to be just the pulley vs. the whole assembly. Unfortunately, I cannot currently see it clearly and suspect I am going to have to remove the assembly anyway before I can determine the extent of the failure. That or alternatively leaving the fan on and removing the radiator for "theoretical, unadultered" viewing and repair [+ lots of profanity]. Good times...

Thanks again,
-dLo.