Again no offense to anyone, but I don't feel that putting lube on the belts is a good thing. And if your belts are that misaligned that they are rubbing against something, then it may be wise to consider replacing that component that is causing the misalignment. Just my personal opinion.
But back to the funky noise i'm hearing, it is getting weaker and weaker. My best guess is that the pulley or what have you that was making the noise has since worn away something enough so as to make it not grind anymore.... though the sound is still prevelent every-so-often. I know I said that I thought it was comming from the upper tensioner, however, I have to recant that because I can't tell if its comming from the tensioner, the alternator pulley, the alternator, or the fan. Damnit, I hate shit like this.