Dan's 1976 MGB

I started the car Thursday night, to take a little drive, and after warming a few minutes, a major-league squeal started coming from the engine! It appears to be either the alternator or the water pump (I am leaning towards the latter). I started to take off the fan belt last night to isolate the cause to one or the other, but got interrupted so will have to try and get that done tonight or tomorrow. I am kind of hoping it's the alternator, as that will be easy to replace, but I really think it's the water pump. I think that can be replaced without removing the engine.