Pulled the alt and the pulley was indeed glazed over and polished slick as glass. Pulled the pulley off and sand blasted it, and so far it's better than ever. No chirping, squealing, slipping, etc.
It would squeal on cold start since I first put the alt on the car, and has progressively gotten worse. I think with the added idler pulley, it'll no longer be an issue.
Consider doing what I did and add an idler pulley. It couldn't be any easier to do. On the lower bracket where adjustment is made, there's a bolt that holds it to the engine (or a bracket that's held to the engine). Remove bolt and get a longer one that'll work for this. Don't know the exact length, just dug through my bolt bin till I find one that would work. From Advance Auto or Carquest, get part number 89098 (idler pulley with the proper size bushing). You'll have to find a spacer that'll space it out properly. On my application, belt 440k6 was perfect, but I think you said previously you had a large case alt on your car, and not the stock sized small case like I have.
I'll post a pic of the setup shortly...