There are two fan belts on your engine the power steering belt being the outer belt. The lower power steering pump mount bolt is loosened to allow the pump to pivot when you tighten the upper mounting bolt (the bracket is elongated to allow you to adjust the belt tension). The lower engine splash shield has to be removed to get access to the automatic belt tensioner that tensions the alternator belt. It could be a deffective oil pressure gauge but any time you hear a noise it is not a good thing. Do you hear an noise on initial start up form cold (rod bearing noise) ?
I would suggest without driving the car, drain the oil and filter, drain the oil into a clean pan and inspect for flaky silvery debris. I would screw into the sender unit position a mechanical oil pressure gauge and verify actual engine oil pressure and see meets Ford specification. Autozone have some popular workshop manuals for free on line once you register (for free) on their website http://bit.ly/autozone_repair_info .There is a company that independent auto repair shops "buy" their information from that offer a very reasonable service to do it yourselvers. You get a one year subscription to year make and model specific repair procedures, service bulletins, component locations, wiring diagrams ect.... great quality information same as the professionals have ,much better than generic workshop manuals from parts stores, much cheaper than the factory manual. http://bit.ly/alldata_repair_manuals or try http://bit.ly/mitchell_repair_manuals_online and get an online repair manual subscription.