Holy-piece o shit car-Batman *wipes sweat from brow*
If you were to pack that bearing with grease, dirt and shit will get stuck in the grease and make that thing fail really quick. are you sure its the idler pulley? you got tensioner pullies and AC pullies and such. you can try spraying a little white lithium grease on the back of the pulley. Comes in a aerosol can, be sure to get that and not the greasy stuff.
If that alters the noise in anyway, id take it off and take it back and get a new one. shouldnt be a big deal to exchange it for another one. Hell I guess what your looking for is where the noise is coming from, wd40 or something would be fine to.
Theres an old trick amoungst mechanics....take a really long screw driver, piece of pipe something like that, start the engine, rest one end of the srewdriver on the suspecting pulley (oviously if its the idler touch what it mounts to, water pump on the shft, basically nothing moving) and the other end on your ear and listen for screaching noises. Basically the screwdriver will act like a stethascope. Listen for screeching, grinding, anything that sounds different that the rest! Make sense?
My 68 wasnt a fastback, my 66 however was. I had a shitload of money invested in that car. I had a 88 5.0 fuel injected roller motor in it, NASTY cam, gears, paint body work the whole fuckin 9 yards. I had to had at least $20k into that car. And I do most everything myself. I let my little brother take it to his prom to impress his chick and he wrapped around a telephone pole for me!
I thought that was the saddest day of my life, until I read what happen to your families little collection. Those have to be some of my favorite cars ever. Ive always been a ford guy and OMG that shelby.....oh that shelby is my second most favorite car out of any car that exists. I shed a tear just now. Im not to much of a corvette kinda guy. The only ones I like are 55-66. When they went to the sting ray style, I havent liked any since. I do appreciate a rare and decent car though. 69 427 i assume.
At my machine shop, I do work for a guy name Crane's Corvettes
http://www.cranescorvette.com/, what he does is, he scours the world in search of 327, 427 blocks cranks and heads. If you are a collector and need an engine with the right serial numbers that match your car, he does that for you. He sends me the block, I make the old #'s go away on the surface of the block, he stamps the right date code, horse power code on that block EXACTLY like the factory did it back in the day. Then I get to find all the correct rods, intake (usually tri powers) oil pan etc, and assemble a vintage motor. I really get a kick out of it. here is my shop
http://wamenginesd.com/, and theres a pic of me hard at work
http://wamenginesd.com/id5.html.
So when your in need of rare parts for your vette (mostly engine parts) with serial #'s and everything that match your car (making it so much more valuable) lemme know, I know a guy!!
HRD