If you have basic set of tools you can replace the belt.
Your ACE light is coming on because the belt is slipping.

You dont have to buy the power steering fluid from the dealer, any name brand power steering fluid will work.

Take your truck to a small indie shop with the new belt in hand.
Tell him that you want to learn to work on your truck and that you need his help.
He will charge you, but you will begin the learning process.
You will see how easy it is to replace the belt.

Loosen the old belt and take it off.
Put new belt on.
Done.
15 min if you know what your doing.
30 if you dont.

 

If I just want to do it on my own, can you direct me into the right direction? The independent LR mechanic here charges $90/hour and lives on the other side of town.

 

Well you dont need a LR mechanic, any mechanic can do this.

http://www.roverparts.com/TechTips/s...routing_D2.cfm

Look at the second pic, on the left of the engine below the alternator is the belt tensioner.
Put a socket on the nut in the center of the pulley and pull it to the right, the pulley will move and the belt will come loose.
Slip the belt off of the alternator and SLOWLY release the tensioner.
Remove the belt completely.
Install the new belt routing it over everything except the alternator.
Loosen the tensioner and then finish installing the belt.
This may take 2 people, one to hold the tensioner and one to put the belt on.
You may need to use a "cheater bar" (a long bar to give you more leverage) on the handle of your ratchet to move the tensioner.

Be careful as NOT to let the tensioner slam back on its own and make damn sure your fingers are out of the way incase it does slip free.