I used a strap wrench as well with great success. My original pulley had two shims and the code 3(2nd gen) installed with no shims - no gap issues. It is usually different for each car.

I agree with the others that it could be the belt rubbing on one of the other pulleys.

Also, which doesn't help you but great reference to the hot wheels race track. Brought back some great memories!...... "I smelled near the pulley and the best way I could describe it was the smell those old electric hot wheels smelled like after running them on the track over and over again."

Good luck.