Belt AND Pulley Replacement? - When to stop buying parts???

[bht2109]

So I acquired a sweet little 318is recently, and from what I can tell it's in remarkably good shape.  However, the belts are old and cracking and need to be replaced.  But here's my issue:  my DIY project parts list is now over $500.

Basically, my belief in preventative maintenance and a "while-you're-in-there" mentality has caused my parts list to snowball, to the point where I'm planning on swapping out nuts and bolts that I'm not sure I really even need, simply because I love the fantasy of a gradual OEM restoration on this baby.  (Along with this comprehensive belt service, I'm also planning a light cooling system refurb - water pump, fan clutch, flush, sensors, etc.)

So here's my question for all you guys:  Am I throwing my money away?  Should all of the pulleys be replaced along with the belts, or is that just crazy talk?  Do they ever really fail?  I love the idea of NEVER having to worry about the pulleys and alternator adjustment bracket and whatnot ever again, and then looking down into the engine bay and marveling at all the shiny new parts covering the timing case.

Here's a representative pic of the power steering pulley and fan belt pulley:





So I ask again:  am I wasting my money?  The surface rust on the bolt in the center of the fan belt pulley is just crying out for me to purchase a new OEM $12 replacement, right?

Thanks for hearing me out.  Any advice would be truly appreciated.

[keflaman]

I only replace pulleys and like items if they're damaged. A rattle can of black paint goes a long way!

[johna]

If it makes you happy and/or gives you piece of mind go for it. Its not like you are wasting money on buying M3 badges, Chrome door locks or some other useless items that devalue the car.

Is it an E30 or 36? Where I am (Australia) E30 318is's are becoming collectible and are worth at least double what an E36 is worth.