The "under drive" crank pulley has a smaller diameter and thus pulls less belt per rev. This means all items driven by it spin slower. While this might give a tiny bit more power, it's not problem free either.
The V6 pulley is separate from the balancer. It just bolts on. The balancer or crank is otherwise not affected by this.
The pulley will not damage the water pump, AC compressor, or the alt. However it will spin them slower. This means that if you have any cooling system or electrical problems that are boarder line now they could go critical with the slower revs. AC may simply not be able to keep up with demand.
It all depends on the condition of the cooling system, AC system, how much electrical load is on the alt, what alt is in the car, and where you drive.
There is a discussion of the power pulley effect on the alternator in the Watt Story article in my cave. (electrical section.)
In general I think most people are not well served with such products. If you have to deal with allot of heavy traffic these can be a really bad idea. In traffic you could actually run the battery dead even with the car running.
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No good ever came from dark and spooky. Norville "Shaggy" RogersThe Ogre's Fiero Cave (It's also at the top of every forum page...)