- Power steering fluid was low (I believe due to leaky hoses which are now fixed), refilled, turned wheel lock to lock to make sure fluid is through the system. Fluid is still currently full.

- Belt is new, however a squeal is coming from I believe a pulley. I know belt squeaks and this does not sound like one. Possible bad tensioner?

So it looks to me that I probably need a new power steering pump. I checked the forums and a few FAQs, but wanted to double check before I started wasting money away on something I might not actually need. Thanks!

The pulley itself is replaceable and costs less than $30. They are known to squeel or whine a bit. I wouldn't go so far as replacing the pump yet unless you have no power steering. The tensioner could also be going. How many miles are on the car?

I currently have a tad over 137,000 miles, to be honest I forgot it came in pieces. I know I do hear a whine sometimes while driving or at a stop, and I believe the tensioner is going bad as I also hear a squeal when I turn. All other components are either still good or replaced within the last 3 monthes.

Steering tends to be either really stiff to sometimes somewhat easy to turn, but no where near the easiness of power steering. Replacing these two items (assuming the pump is still good) would fix my problem correct?

If your steering is stiff, changing the tensioners and the pulleys won't help.
However, how do you know the steering is stiff? Have you compared against another E46 of the same vintage? If it happens when you hear the squeal, then, yeah, maybe the tensioner would help. Also, double check the routing of the belt. Believe it or not, they will go on the wrong way, and they will work for a while like that.
That is a good bunch of miles. I have a few more than you, but your car is a lot newer. I have a tad over 150k now. I did replace the pulleys and tensioners. I do hear a very muted whine still, but I think that is the fan and is normal.

It's difficult to try to park the car without hitting something because the steering becomes so stiff... I'm pretty sure something is definitely wrong.

I will try the tensioner and pulley, if that fails, I have a cheap power steering pump I can purchase and throw in. Thanks for everyone's help!