Ok, I think it is the alignment issue I alluded to above.
The tensioner pulley is probably slightly out of square with the belt, so that when the back of the belt makes contact with the pulley it gets compressed unevenly against the pulley and makes a squeaking or ticking type of noise (vague desciption

).
I have found that when the belt warms up and is more pliable the sound is reduced or goes completely.
New belts are generally less pliable until they run in, so a new belt can often make the noise worse.
Different brands of belts may make the noise different, but I think the alignment issue is still the underlying problem.
Try the water on only the flat side of the belt and only one belt at a time to confirm which belt is making the noise.
If it is the main belt, use a five cent coin or washer to square it up relative to the belt.
This is usually done by wedging the coin/washer behind the tensioner arm where it attaches to the engine at a 9 o'clock position under the arm as it is viewed from standing in front of the engine.
Make sure you don't put anything too large behind the arm or the locating/locking pin won't be effective and the arm will not hold tension.
If this is the problem it will instantly reduce or stop the noise.
This shouldn't cause any problems in the long term IMO, and can be left there indefinitely.
The bearing will actually be running truer now and should last as long as any other one would.
If the A/C belt / tensioner combination is the one causing the noise, then the same thing can be done by putting something behind the tensioner arm at roughly 9 o'clock again, near or under the bolt on that side.
Let me know how it goes.

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