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I have a Flex Fan on my 88. I needed a spacer block to push the fan farther back into the shroud. I would say it is noiser since it pulls more air and so you can hear more air whoosh, at slow speeds. At highway speeds my bronco is already noisy so I don't think the fan added much. I haven't had any over heating problems, even 4wheeling in death valley, but I also have a new radiator. There is definitly more blade area than the stock clutch fan.
i have tried almost every kind of fan setup there is and i found that if you go to checkers/shucks/kragen and pick up an adjustable thermostat (about $16), a heavy duty inline fuse holder ($2 from walmart), and 2 12" electric fans from either ebay (your best bet) or your auto parts store (about $50 at the most each), you will have an awesome setup. i live in yuma, az and this setup keeps my big block bronco running cool and the best thing is that it is way cheaper than those prefabbed setups. so if you have to buy the connectors and wire, it should be less than $150.
While Flex fans are noisy they are quite effective. You will however need to get used to the noise. They do tend to turn heads too since as your truck is comming towards someone it will sound like a giant blender.
As for doing electric fans on the cheap check out the tech portion of my site. That fan setup can be done for roughly about 100 bucks. The ammount you spend varies with your local.
Not sure about the Flex fan setup but the electric has been beaten to death here and the general consensus has been that in the long run, electrics really don't gain you much when you consider the amount of additional electricity that MUST be generated to accomodate them. What you gain in HP by taking the stock fan off gets sucked back up in the alternator that needs to generate additional electricity to run the electric fan(s).
Never had a problem with noise or cooling from the stock fan and a good quality clutch. The clutch is key in keeping the stock fan effective and quiet.
You'll negate the power increase by alternator load? I have a 130A and I doubt that the power increase from the fans is negated by the alternator load increase. They don't run all the time.
About the only test I've ever used was the spin test. With the engine cold, try spinning the fan by hand... hard. If you get more than about 1-1 1/2 revolutions out of it, its probably time to consider a new one. Make sure the engine is cold when you do this.
I'll never use a mechanical fan again (especially flex fans) for the simple reason that I put my bronco in water holes more often than I probably should, and after bending/twisting/destroying the stock fan and 2 flex fans, i went double electric with a manual on/off as well as a thermostat. The double 12"s are noisey but personally I like not having to spin a mechanical fan regardless of whether or not it's underwater ;-)
I have a Flex Fan on my '96 w/351 with no issues. It is "noiser" at idle up to mid rpm's until the fan blade deflects out flat. It is lighter, takes less horsepower and does move more air at low rpm's, which has been great for the A/C, as it is frequently above the 90's here in South Texas. If you buy the fan from O'Reilly's they can tell you what spacer kit you need. The only critical thing is to be sure to wear your Mechanix gloves as if you don't, you will be cut up when you are finished...