You really should grab this pulley and see if it rocks from side to side at all, checking for any radial run-out in the bearing. You may also want to remove the belt temporarily and give the pulley a few spins so you can feel for any roughness in the bearing(s). Better to find these things out while you are making ready than underway. If you do feel roughness, or there is a lot of radial run-out of the pulley, you should order up a new water pump ASAP. That way you'll be ready when it does fail. If you are already seeing the fairy dust, get some new belts too because they are effectively worn out if they have already begun spewing rubber dust all over the front of your engine. Oh, and don't try to cheap out here; trust me, it is not cost effective to try and rebuild these pumps.