Well since you've contradicted what i said with nothing to back it up, here's a scientific answer to you're suggestion of underdrive pullies.. i know everybody has their preferences, and thats fine.. i'm just pointing out to the OP that there are a lot of "performance" parts on the market which are designed to do nothing except empty you're wallet.. intake systems is one of them, and huge exhaust to cruse a stock engine at modest power levels (normal driving) is a waste of cash, too. consider the CFM of an exhaust system at the point it becomes restrictive, and the CFM a stock engine can output.
The best bang for the buck is underdrive pulleys.
underdrive pulleys.. with the exception of the water pump turning slow (and cooling the engine less in the process) i'm dying to hear how they free up horsepower.
lets see, we have the alternator, power steering pump and a/c left.. right?
lets take the alternator first, if it turns slower, the regulator will increase the voltage to the armature in order to maintain the needed output (13.8v), this increase will add drag to the pulley.. at the rate of (not counting frictional and resistive losses) 1 horsepower per 746 watts of electricity generated. so turning it slower will still take the same drag from the crank. to put it another way, if the alternator is outputting 54 amps (746 watts at 13.8 volts), it's going to take 1 horsepower to run the alternator, no matter how fast it's going.
second how about the power steering pump? there may be a very slight gain here (due to frictional losses in the pump), but when hydraulic pressure is not being used (wheels are not being turned) there is very very little drag here anyway. and if hydraulic pressure is being used, the pump (like the alternator) will have to be turned that much harder to create the same PSI if it's going slower.
and the a/c... well, there would be a potential gain here, except you can turn the a/c off and then the compressor is spinning freely.. and for fuel economy (with a/c on), if the a/c compressor spins slower, it's duty cycle increases, to maintain the same pressure in the line. so no gain here either.
personally, i see no reason to trade in idle performance of the alternator, power steering pump, a/c and engine cooling in order for some imaginary horsepower gains. the *only* feasible gain i can see from the system is the (slight) reduction in rotating mass acceleration when the engine rpm increases.