Here's how I'd do it (and have in the past btw)...
1. Soak around the sheave and shaft with either a 50-50 mix of acetone and red ATF or P'Blaster and let it sit for a few days...then..
2. Remove the zerk fitting and screw the nut back on so it's sitting proud of the top of the shaft (so as not to bugger the threads and take a small piece of flat stock and lay across the nut. Put on a 3 jaw puller (I recommend the HF 12 ton hydraulic gear puller myself) and tighten it up against the sheave and flat stock on the top of the nut. Just suck it up pretty tight, don't attempt to pull the sheave.
3. Take a regular propane torch and heat the area around the sheave boss and the shaft, heat it thoroughly and tap around the sheave boss and shaft with a brass hammer. Then, let it cool a bit and use the puller to remove the sheave. It will dome right off with little persuasion.
I do that like I described all the time. The heat coupled with the penetrating solvent will break the rust bond and allow removal of the sheave. Never had it fail me, never screwed up any parts either.