First of all, how is the low side pressure reading? Any bubbles in the sight glass?
I had max pressure on the AC pressure, like way in the red. But after a few days it just started working again and then today it went back to spinning but blowing hot air but make a crazy belt squeal and smoke coming off what looks like the compressor.
Sounds like your bearings are shot and it's all seized up, and your belt is burning. I would just take the belt off and look into replacing the A/C compressor.
That's what I was thinking. Is there a way to quickly remove the belt?