Well...kinda sorta what I said...
I mentioned that on MY '74, that's what I was gunna do, because I wanted to keep the original compressor, with the correct dates/numbers on it. I did the same thing with my original water pump...bought a reman pump, tool all the guts/seals out, and put it all in my original pump housing.
 I wouldn't really suggest that everyone do that, but...if you're capable of doing it, then by all means go for it. The compressors are not a simple tear down/build. I don't know of any retail available rebuild kits, but they have to be available, since there are remans out there.

I'm just reeeeeeal leery of reman A/C compressors...I've been bitten too dang many times on my own vehicles, plus customer cars. For the extra $$$$ a NEW one costs, it's well worth it, imho. 

Dave, since I'm switching out to a Sanden compressor for my LS1 swap, I do have a good compressor I took off the old engine. It's only a few years old. Let me know if your interested in it.

I'm with Joel on the new vs rebuilt.  Rebuilts often fail.

Great info, guys, thanks! Automotive a/c systems are a bit of a mystery to me. One of the few things I haven't learned about yet on this car - chose to ignore it mostly for the last 12 years. Not even 100% sure compressor is the problem. Last time I tried it (6 or 7 years ago) seemed to work fine and even blew cold - for about 10 minutes. Then it appeared to seize, screeched and fried the belt. Just cut the belt and unplugged the compressor and been that way since. Does this sound like compressor or something else? Corvette central sells a kit that eliminates the "troublesome VIR sticking POA and TXV" for 74-76. No idea what all those are, but could they be the issue? CC also sells an aftermarket replacement for the A6 that may be a good option - only $359 instead of $600 mentioned above. It is silver so won't look stock but it could be painted black. Sarge, if you have an A6 I'd be interested but guessing you have the newer radial style if it came off your 81? Not sure what is involved in the conversion, but sure it would be at least some brackets if not other stuff. Thanks, though. Bet there are others with newer cars (77 and up) that may be interested.

Ken, I so miss you! I hope this sighting is guna be a habit!

Compressor locked up...no way around it, it needs to be replaced....and the system flushed. Most likely, there are parts of the compressor all thru the system....

Sarge's compressor will be the R4 type....

Joel,

There can be more than one thing that can cause an A/C compressor to lock up. The clutch bearing can certainly lock up, and burn the belt. If the pulley where the belt rides won't turn, but the compressor clutch itself will, that means the pulley bearing has failed. That can be fixed fairly easily by simply removing the clutch, and the pulley, then replacing the bearing in the pulley. Not a big deal for that.

With the clutch disengaged like it is now and has been for the last many years, my pulley turns smooth as silk.  In fact, I sometimes still run a belt on it, just to keep the engine compartment looking finished and as a redundancy for the water pump/fan.  But, and here's where I am confused, I can also still turn the shaft (outside ring on the clutch/pulley) and it turns pretty smoothly.  There is a fair amount of resistance, but I'm assuming that is normal as it is a compressor.  No funny noises when I turn it, but I can hear the innards of the compressor doing their job.  This is why I think my comp might still be OK.  Maybe I will just replace the clutch and see if I can get it working again?  The clutch on my Dodge Dakota failed and it had very similar symptoms.  I replaced only the clutch and pulley bearing and it's been working great ever since.