Unless the AC pulley is seizing up (and from what you've said so far, it doesn't sound like it is), you're right - it doesn't sound as though it's the compressor that's causing the problem. Shredding on the outer edge is typical of a knackered tensioner pulley. It droops when either its mounting plate gets tired and flexes away from the tension, or the bearings in the tensioner pulley itself start to go. Does the car squeal at all at tickover or when you first start it?
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