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I've done this on my '87 240 and it has worked well. to do this, you'll need a new belt size 15425. Currently you should have two drive belts going around your crank+water pump + alternator; one of these belts (the anterior one) will have to be pulled/cut off to make room for the new p/s belt.
loosen the power steering pump tensioner bolts (the one that allows you to tighten/loosen the belt), I believe its a 13mm nut on the backside (just loosen but don't remove it) and a 10mm bolt on the top to adjust tension. as you loosen this, you should be able to push and move the p/s pump increasingly downward.
you want to get this loose enough to slide the new belt on. start by putting the new belt around the crank pulley(in the middle slot of 3 slots) then when the p/s pump is lowered enough you can slip the belt around it. Then you just tighten up the tension with that top bolt, and when the tension is good (maybe a 1/2 inch or so of give) just re-tighten the backside 13mm nut.
One more thing, on some models (maybe all? I dunno), the timing belt cover gets in the way of the path of the new belt so you will have to trim it back if this is the case. I had to do this, its no big deal, just had to cut away a small bit of plastic.
I've been running this setup for about 3 years now, its worked great. Hope this made sense and good luck.
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1987 245dl w/ 271k miles
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