Sounds like the same style of adjustable pulley on the H's & M's. I had a stubborn one on an H years back. It took cleaning the threads real well, and some good penetrant. A 50/50 mix of Acetone, and automatic trans. fluid work great..!! Wish I'd have known that back then.
The H & M pulley's are cast, and have a nub sticking out on the front. I ended up taking a piece of 3/4" X 12" or so of square oak, using it like a punch and tapping lightly on the wood, against either side of the nub to get it broke loose. Just kept working it back & forth, and finally clear off, so as to give it a good coat of never seize for the "next time".