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That's probably exactly what I'll do, but if it is a pulley why wouldn't it do it constantly?Coolant thing would be a long shot.
Idler or tensoner pulleys can squeak.
To narrow down the field, next time you will be cold starting and have some time, loosen fan belt and remove it from crank pulley.
Now have someone(or you) start the engine and listen for the squeak, if squeak doesn't happen then it is a pulley, if it does happen then you should be able to pin point it without the fan and belt noise.
You can run a cold engine for 2 or 3 minutes without water pump, Battery Light will be on since alternator is not spinning, but not an issue for a few minutes of running time.
Well as soon as it stops raining I'm going out to pull the belt off to make sure it's not the problem. I know this must be a motorcraft only part, but does anyone have experience with other brands? Tight on cash and the motorcraft one costs about $120.
No, you don't need to use Motorcraft part for the synchronizer, 3rd party are much cheaper and I have read they last longer, but grain of salt.
If you get one with Cam Sensor included you need to make sure it is the right one for your engine/computer.
In the late 1990's Ford switched from a 3-wire Cam sensor to a 2-wire sensor, they are not interchangeable, computer programmed for 3-wire won't understand signal from 2-wire and visa versa.
So look at what you have now, 2 or 3 wire.