Yeah you really do have to take off the timing belt. It's easy. The hardest part of replacing the WP is getting past the power steering pump to get to the lower radiator hose and get it off the WP. For the timing belt, just get a piece of angle iron or aluminum stock, whatever, to use as the cam alignment tool. I think it needs to be about 3/8" thick or 5/16" thick or so. I cant' remember offhand.
Abridged version (after you remove all serpentine belt and pulleys and timing guards and valve cover):
-Take crank pulley that you removed previously and put it back on the crank now that the timing guards are off. It is keyed and can only go on one way.
-Line up the notch on the crank pulley with the wedge-shape on the oil pan.
-Make sure the cams are aligned at the end and the notches are lying flat. Insert the cam alignment tool
-Remove crank pulley
-Make marks on the crank/timing belt/cam gears to help line up the timing belt for when you have to put it back on
-Loosen tension in the tensioner. This requires an allen/key wrench.
-Remove belt.
For the power steering, there are 4 bolts located behind the pulley. You need to turn the pulley to find each one. You can force the pump aside to gain access to the radiator hose where it connects to the water pump. When replacing the water pump, make sure to clean the mating surface along the block REALLY WELL.
To reinstall timing belt:
-Start at the crank, using your lines to help you line up the belt to the crank to make it easier. Pull up to the front cam gear and line up the lines again, then again at the rear cam gear, and finally slip the belt over the tensioner. Tighten the tensioner such that there is about 1/4" play from top to bottom between the cam gears when you pull on the belt.
-Make sure cams are still lined up after the belt is installed to make sure you did it correctly
-Remove cam alignement tool
-Turn crank by hand to make sure the engine is in time.
Voila!
Couple things:
I would give yourself LOTS of time if you don't have an impact wrench.
I would remove the coolant reservoir to give yourself extra space to work. It's worth it.
Here is a pic of the crank pulley lined up with the oil pan: