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Only if you're getting a cam installed, otherwise it's more of a pain then what it's worth and will only net you about 6-8 rwhp......(10 rwhp is really on the optimistic side).
Re: Underdrive pulley worth the effort? (97C5ENVY)
I got 8 peak rwhp and 5 peak rwtq when mine was installed. I'm very happy with the results and would do it again. Since I don't have any plans for major engine work this mod was a good one for me. Here's my dyno sheet. It shows a nice gain across the rev range.
If you have plans for heads and/or cam it'd prolly be smart to wait and do it at the same time.
Re: Underdrive pulley worth the effort? (97C5ENVY)
It's Kind of a pain to install, mainly pulling the steering rack. So If you don't want to do the work it's about $250 labor.
I didn't dyno my car until the mods I have were installed so I can't say how much the pulley added. GM says the factory engine has 345 hp (about 293 rwhp) I dyno'd at 327 rwhp or 385 fwhp.
Ram Air, cat back exhaust, under-drive pulley = 34 rwhp. In my application I think the pulley added more than 10 of that. Also the alternator output is no different than before 13.9-14.5 consistantly.