Tony,
In front of the tensioner pulley is a 14mm nut that holds on the pulley, and locks the tensioner/pulley in place. Loosen the nut a couple of turns. Behind the pulley is the tensioner mount, and on top of the mount is the "jack screw" with a 5mm allen head.
Using a 5mm allen wrench, turn the screw clockwise to tighten the tension, or counter-clockwise to loosen the tension. To remove the pulley, remove the nut after you have reduced the tension on the belt.
The nut gets tightened to 25 ft lbs torque, after you have adjusted the belt to its proper tension.
If you have a bad bearing in the pulley, you can buy a replacement pulley and bearing for about $90, or you can buy a Generation III SHO pulley for about $30 and press out the bearing.
Then press it into your pulley. The bearing in the Gen III SHO is a NSK BD20-15DWA, which is exactly the same bearing as is in the Gen I SHO pulleys.
Hope this helps, rangerj