I finally got around to replacing the belts & tensioner bearings. I used all the much appreciated advice, with special thanks to crazyhorse, neonzapper, bill ward, and dave helms. I would like to urge anyone who is thinking about doing it (that's you pete!) not to be intimidated by the process. I found the job to be straightforward, but very frustrating due to the tight quarters. I'd work on it until I either bruised my knuckles or banged my head, then I'd stop for the day. Birdman's pictures and simplified procedure gave me a much needed overview so I never really was at a loss regarding where I was in the process.
The car started instantly and runs like a top, and I can finally quit worrying about those darn belts and bearings. I originally decided to do the change because I heard a little bit of bearing whine when I first started the car. Turns out the bearing noise was coming from the AC belt tensioner pulley, which runs on two small sealed roller bearings--total cost of less than $40.
Almost as useful as birdman's pictures and procedure was his suggestion (from his website above) about getting a car lift. I second everything he said. After I finished the belt/bearing change I bought a 4-post electric over hydraulic car lift. I've got a 9'6" ceiling in my garage and now I can walk under the 308 standing up! Gives me a completely different attitude about working on the car and a great place to store it safely away from accidental damage. It was $1700, and a long-term investment, for sure, but I think it will be money very well spent.