The screeching, or whining, is typically the bearings. The Gen I alternator has one in the front of the alternator, and one in the back.
The bearings are inside the alternator, and are not part of the pulley. The A/C pulley has a replacable bearing, in the Gen I SHOs. The idler pulley bearing can be replaced with a bearing from a Gen III SHO pulley.
If the alternator output is OK, that is the voltage and amperrage output, then look around your area for a shop that rebuilds alternators.
You should be able to get the bearings replaced for about $50. J. C. Whitney sells alternator rebuild kits that include the bearings, but I do not recommend them.
Most auto parts store will test an alternator, and a starter for that matter, for a small fee. The fee is usually waved is you get a replacement from them. Some parts store may even test your alternator and starter for free.
If you remove the belt and spin the alternator by hand you can usually hear the metal to metal grinding of a bad bearing. Check the idler pulley bearing, and the A/C clutch pulley bearings, as well.
Get in the habit of doing the diagnostics before replacing parts. You will learn a lot more, and replace fewer parts.
As for sticking a screwdriver near the moving parts of an engine, you do so at your own peril. A piece of vacuum hose works well as a stethescope also. rangerj