I had AC failure exactly as you described. It still functioned, but I could see the pulley wobbling and it was making all kinds of noise.
I ended up going with a salvage compressor for $100 as I didn't want to mess with trying to replace just the clutch - plus, from what info I could gather a complete compressor from a salvage yard was cheaper than trying to replace parts. Removal/installation couldn't have been more straightforward, and if you find the right shop an evac/recharge shouldn't cost more than $50.



Dec '07 purchase -- '99 Sport LTD 3.5L SOHC - 139k, now 188k
'95 Montero LS 206k+ (traded)
New DD - '99 Taurus SHO 95k - V8's are fun <img src="/forums/images/graemlins/smile.gif" alt="" />