I think I remember torquing the balancer to 120ft/lbs and the pulley doesn't really matter as long as you get them tight....It's always good to use some medium threadlock.
Definitely don't use red thread locker...That stuff is like JB Weld. The blue is medium and I believe they have light duty which is like purple or black or something. Any bolts will do as long as they don't bottom out on the waterpump.
My preferred loostening tool is an Ingersol Rand 241 Impact. Red isn't permanent, a lot of the stock bolts are held on with red, ex the driveshaft bolts.