intermittenly, a result of pressure differences when it's on or off. You could try tightening that belt to see if the noise characteristics change. If so, that's it. It will make a lot more noise before it fails, so it's not urgent to replace it today. ..... Radiator shroud is a must. Since all else seems good, and heat buildup is slow, I'd guess that's it. There's a few ads for Z32 part-outs in Phoenix CL. Don't forget to have those flat plastic panels under the radiator too.