Just the fan pulley has to come off. Balancer should be good.
I’ve done it but it’s a bitch. I’ve had better luck pulling the studs the water pump bypass tube goes to, moving that tube out of the way some and then slipping a new hose on.
Downside is if either o-ring on the bypass tube is old, dry, or swollen, they either won’t go back in or break. So if you just replace them as well, should be good. It comes out after tweaking it around just right.