The AC is free wheeling, so the real savings is in the Alternator and power steering.
I have heard that power steering may be up to 3 hp if totally removed, since you are just reducing the pull ratio the hp savings would be the fraction of reduced ratio.
Alternator is a different story, it will increase its field strength to meet the need, so if you turn it slower, it will make itself harder to turn to meet the need. I'm sure that there is some savings here, but how much would have to be a dyno issue.
My experience is with my old Mustang, and the power pulleys caught all three: water pump, alternator and power steering. I did end up having to put in a max size battery and charge it with a plug in charger every two weeks, I dealt with the cooling issue by replacing the 2 row radiator with a 3 row, and the steering issue was irrelevant. With the mustang I did feel the difference, but it was not without a cost in upkeep.
There are so many ways to wring extra HP out of the Turbo, I just wonder if it is worth it, in comparrison with other avenues. (boost changes = 20 to 30 hp; pullys = 2-5 hp)
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