Thanks!
Took the alternator apart to have a look-see. Took the pulley off halfway expecting it to be the cause of the friction. Nope, it still hung up every 180 degrees. So, I opened the case and found this:
Rotor is worn down badly and heat burned. Bad news.
Then there was this:
Going out on a limb here, but I think that is not supposed to look like that...
And as I suspected, the pulley spun a little bit due to the alternator not wanting to:
Anyway, like I said, I'm not 100% happy with the alternator setup anyway, so I'm going a different direction when I get around to replacing this.