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No I can't explain your squeal. In your original post you covered every reason I have run into in the pursuit and cure of this hallmark 240 ailment. My most effective fix has been de-glazing the pulley (on the alternator only) with 100-grit and then taking it to the sides of the v-belts if I'm too lazy to replace them. Soft mount bushings don't help and neither does oil spray from a cam seal or cam cover leak. Since many of these cars you work on are new to you, complete with OP foibles, your suspicion the V-belt bottoms in the pulley seems very likely.*
I would never look to a broken ground wire, as the squeal corresponds with the effective re-charging of the battery just drained in cranking. Although it could be a contributor if the battery never does get recharged because the ground is intermittent. When I say broken, I mean in the fashion Onkel describes, where the connection is poor in one of the ring lugs, not cut in two obvious pieces.
Really, I was just surprised at the "excite wire" statement, however much like the red herring it was. I have a "simple test light" -- under $5 at Walmart -- that would indicate through a drop of water. I mean, it is so sensitive, it might just give you the results you got through the leg to the SRS controller. And if your red wire was really grounded, your foray into the dash to replace it should have exposed the reason. What sort of test light do you have? Incandescent? 100mA?
* a re-read of your OP reminds me you've already been there, done that.
--
Art Benstein near Baltimore
"Wise sayings often fall on barren ground, but a kind word is never thrown away."
-Sir Arthur Helps
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