Its 12 years since I had a ML7 so my memory may well need correcting.
Remove the Chuck.
Remove the bearing caps, keeping the shims with caps as already said.
Lift out the mandrel., and start to strip off everything from the back (away from the Chuck) end, until the Pulley and Bush are off.
Separate the Bush and Pulley, clean both to remove any debris and greasy deposits, and apply Loctite and reassemble. Allow the Loctite to cure for at least 30 minutes before use, (preferably 24 hours)
To aid strip and reassembly, it may be worth heating the pulley in boiling water. For reassembly, with Pulley hot and dry, and Bush cold and dry, apply the Loctite. The higher temperature will increase the clearance for the Loctite, and help the Loctite to cure more quickly.
As they say in Haynes Manuals "Reassembly is the reverse of the above", but you may need to reset the thrust bearing to minimise end float.
To all Myford users, if my memory is faulty. Please correct me.
Howard