I saw this posted at
http://www.brickboard.com/RWD/index.htm?id=958713

I like it because it preserves the standard double belt for both alternator AND water pump. I have to admit that the 47.5 inch belt is probably a quick and workable solution - but I still like this below better.

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Yes, I assisted a friend in performing this modification to his '87 240 Sedan. We were able to accomplish the task by moving the Power Steering pump forwards on the mounts using new bolts, threaded rod, nuts, and washers (and some cut tube stock in places where many washers were required). We effectively bypassed the AC compressor and did not have to disrupt the two Alternator/Water-Pump belts. However, I would strongly suggest changing at least two of the Power Steering Pump rubber bushing mounts to IPD Polyurethane Bushings (there are 3 total if you decide to do them all). If you leave the stock rubber bushings in place, the Power Steering pump will move enough to shift it's pulley off-axis from the crankshaft pulley. I'll take pictures and post a step-by-step procedure at some point.

Also, I would advise changing the Alternator rubber bushing on the adjustment arm that attaches to the engine block. Switching this bushing to a Poly bushing from IPD will help bring your alternator back in line and reduce belt noise and drag on the engine. By leaving the other two bushings as rubber, you allow some of the vibrations and sudden torque/amp loads to be dissipated by the rubber.
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Sven: '89 245, IPD sways, electric rad. fan conversion, 28+ mpg - auto tranny. 850 mi/week commute. '89 245 #2 (wifemobile). '90 244 (spare, runs).