Sounds like one of the (two) serpentine belt idler pulleys is going bad. Not that expensive, easily replaced. Take the belt off, spin the pulleys and listen/feel for worn out bearings. You could also try starting the engine without the belt and see if the sound disappears. The alternator won't charge but you can't damage the engine since the water pump is driven by the cam timing belt.
Don't ignore the problem, though - as told, it could be one of the timing belt pulleys or (unusual) the water pump. A failure in that area might ruin the engine.
Martin
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'65 121, '73 165
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