I think like you, that it sounds like a bearing.

First, start the engine and make sure it still makes that sound for this moment.
Use a short length of water hose or plastic pipe held to your ear, sweep and search for the area of the source.

If this fails, shut the engine down.

Remove all three belts except the power steering belt.

Restart the engine and listen to see if it has gone but only for a short while because you do not want to overheat the engine.

This will point to the timing belt tensioning bearing if the noise is still there.

If it is gone, it points to the alternator, water pump bearing or A/C idler bearing.

Shut the engine down again and the belts still off.

Spin the alternator pulley to see if it coasts around and feel the shaft for roughness in rotating. Try to wiggle the shaft for play.

Same thing for the water pump except it most likely will not spin much due to water around the pumps vane inside. In my experience the water pump usually make a rattling noise, not a high pitched sound and will do a weeping leak soon after.

If non conclusive,
Put the two alternator back belts on. Leave the A/C belt off. Listen for noise from that last bearing.

If all that has failed, look for a vacuum leak from a large source like the vacuum power brake booster hose, check valve or the booster can.

Hope that helps hunt it down. I cannot help you with the economic issue.
Phil