I may have to try this. I was concerned that the dead spot in the bearing might be hard to hear/feel without a load on it but it's worth a shot.
I was also considering trying to use a piece of hose like a ghetto mechanic's stethoscope. I should probably buy one of those too, I just looked them up and they're like $10.
Go for it! You got this. Just make sure the belt is back in all the pulley groves correctly when you're done. Not so sure about the hose as a stethoscope idea...