I replaced the balance shaft tensioner and that wasn't it.* Playing around more with the stethoscope, the only place I could clearly hear the noise is on the water pump body just to the left of the plastic belt housing next to the water pump pulley.* So...* water pump? (I'm guessing so but want to see if anyone has any other ideas before I spend the money!)
BB.
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Some say "My car is a Porsche!" I say "My Porsche is a car!" and I drive the hell out of it. 
'87 Porsche 944; '10 BMW 328i xDrive (her's); '98 BMW 323is (ours)
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