The CEL might be due to your battery getting low. When you run with the belts, does the tensioner ever seem to jerk or jump? Or are they smooth and consistent? Any luck localizing the area that the noise is coming from?
Water pump is an interesting potential, when they fail sometimes the bearing gets loose and the impeller contacts the block. Worst case sometimes the impeller totally disintegrates and spreads plastic through the cooling system. Did you try turning the water pump pulley by hand without belts to see if you can feel any play or internal contact? Any idea if the water pump has been replaced?
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‘07 Mazda RX8-8
Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc
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