I bought the next size down fan belt. I checked the bearings on the water pump and made sure that the pulleys were lined up. Next I clean all the old burnt rubber surface from the pulleys and installed the belt. The squeal is completely gone, even at 5,000rpms (high as I wanted to go). The problem is solved even though the alternator is very close to the valve cover now; I had to remove the cover to install the belt. Fla54Chevy3100, I noticed that the belt seemed too wide but I didn't read your post until after I bought the new belt but the squeal is gone now anyway. Anyway, thanks everyone for your help!
