I'm in the middle of a 2.9 repower on a 90.
The 87 engine I put in had a compressor, my original had no AC.
It was literally as simple as remove the compressor. I don't recall if it was driven by a third belt, but I think it was.
The end result is I still have two belts that are exactly the same length.
If you want to see some pictures, got to my album in photobucket, same username as this forum. I'd post pictures but I can't access photobucket from work. The engine on the engine stand is the 87 replacement and I'm pretty sure I took pictures of it before and after I removed the compressor. The pictures with the engine actually in the truck (with red tape covering stuff) is the original, no AC.
I believe I swapped over some bracketry, but it's been so long since I actually worked on that project that I can't remember. It still hasn't been finished.
I seem to recall still needing both belts though. One goes crank, WP, Alt and the other goes crank, WP, PS.