W124 Water Pump Failure symptons?
 

Noise coming from water pump area, but the pump isn't leaking. Am I just seeing early stages of failure?

my c200 w202 had a noisy pump

i replaced it and the problem was sorted out

you could remove the drive belt and the spin the pump pulley to check if it is noisy

also check for free play in the pump pulley-there should be none

On my 89 190e w/2.6 engine I had a noise from that area with a leak from the water pump. I replaced the waterpump but still had the noise. It turned out the bearing in the fan bearing bracket was bad. Don't know if it is a possibility with your engine or not.

It could also be the fan belt. I quick and easy check is to poar some water on it adn see if that quiets is for a few seconds.