With high mileage the serpentine belt idler pulley on '87 and '88 models (as well as many other cars) will fail causing a need for replacement. This need not happen because it can be lubricated and live on. You can determine the need for lubrication easily by backing off the tensioner and dropping the belt off for a minute. Spin the pulley. If it stops quickly it is fine because the grease is dragging it to a stop. However, if it spins freely on and on it is dry and needs greasing.
Remove the bolt holding the pulley on and you will see the "sealed" bearing it rotates on. The "seal" is held loosely around the outside edge. Using a very small screwdriver with dull edges or some other such tool push under the inside edge of the seal and slide the tool around the inside edge lifting slightly. The seal will disengage from the outside edge and lift off. Some seals are a fibrous material and some are plastic coated bronze. The bronze type may deform into a cone like shape as you work around. Try to minimize this and not put any big dents in it. Don't straighten out the shape when you get it out as you will do that at the end putting the seal back in.
The bearing can be lubed with a heavy duty waterproof type of grease. Don't over fill as the excess will squeeze out when the pulley spins making a mess.
Put the seal back on the bearing snapping it in around the outside edge to insure it is seated all the way around. If you have the bronze type seal it will likely have deformed into a cone like shape or partial cone. Push this deformation back down flat the way it was originally.
Reassemble the pulley on the tensioner spring and put the belt back on. If you worked carefully and kept everything clean the pulley has just been given a new lease on life.
Steve