Ant live,
Scott if you do not mind, I'll take a shot at this one!
If your A/C compressor is not connected, electrically, and is still making metal to metal noise, it is most likely the bearing in the A/C pulley. It could also be the idler pulley bearing, or the alternator bearing, making the noise you describe.
Remove the belt and spin the bearings by hand. Listen for a dry metal to metal sound. A piece of vacuum hose can be used as a stethescope to isolate the sound. A dry bearing will spin more freely than a bearing full of grease, when spun by hand.
If it is your A/C pulley bearing it may be available as a replacement part, depending on the model year of your SHO. The 1989 through 1992 SHOs can get a replacement bearing for about $30.
You remove the nut holding on the clutch face of the compressor. Then pull or pry off the clutch face.
If you do not have access to the required "puller", then use wood shims to pry off the face. The shims are beveled, and if you drive them in between the face and the pulley they will "pry" the face off. Screwdrivers should not be used for this because they can damage the clutch surfaces.
The pulley is held in place by a "snap ring". Remove the snap ring and take note that the snap ring is beveled on the side facing you. It must be installed with the beveled side facing you.
With a little gentle persuasion the pulley will come off, after the snap ring is removed.
On the back side of the pulley there is a wire spring that fits in a groove that holds the bearing in place. This is true for the pulleys that have a replaceable bearing. It is usually stuck in the groove, so gently pry it out without destroying it. Once the retaining spring is out you can press out the bearing.
In the later model pullies the bearing is "pinned" in place. If you can find a replacement bearing for these you can grind away the "pins", and press out the bearing.
Then press in the replacement. I am not sure if the newer model pulley uses the same bearing, but it might.
A "C" clamp with a socket to push on the bearing, and a larger socket to receive the bearing, can be used as a press. So can a bench vice. If you do not have either of these, then take it to your local parts store, who will do it for a small fee.
If your model year SHO does not have the replacement bearing available, you either buy the whole clutch assembly or you improvise.
The idler pulley bearings were discussed in the last 30 days (approximately). It seems that the later model SHO can replace the bearing as a replacement part, but the early SHO cannot.
However the later SHOs use the exact same bearing. All you should have to do is press out the bad bearing and press in a new one. Research the earlier posts to get the bearing numbers, etc.
Lastly, if the alternator bearing is the culprit, check around your area for a shop that rebuilds starters and alternators. For about $60 you can have bearings replaced, and the alternator cleaned up and checked out.
You may as well check the idler pulley bearing for the other belt while you are at it. Hope this helps, rangerj