Another option for holding the cam pulley is a strap wrench I improvised out of the old timing belt when I replaced the head gaskets on my veezy. It turned out to work very well, and it was free. I attached a crude drawing to give you some idea.
I used a four foot 2x4 and cut out a semi-circle from one end of it so it matched the curve of the cam pulley (I flattened the corners some since they were too sharp - you could make your circle begin about a half inch in from each side to get the same effect.) I measured a piece of belt to wrap a bit less than 2 times around the pulley, PLUS an additional 10 inches or so to attach along the narrow edge of the 2x4.
I attached one end only of the belt to the 2x4 with two 3" lag bolts with large washers into pre-drilled holes (had to drill the belt, too). The nearest belt attachment should be 3 to 4 inches back from the curved end of the 2x4 because it will angle up from the wood, and it's easy to tear the belt against the washer - in fact mine eventually did just that a few years later. I attached the belt with teeth side down so the teeth would grip the cam timing pulley. That means the teeth will face inward toward the pulley. It held the pulley ROCK SOLID and I was able to just let the 2x4 brace itself against the fender while I used my breaker bar with pipe extension on the nut. It was TIGHT, but succumbed to superior force, and the strap wrench held it securely but very gently. I think it worked better than Toyota's SST would have.
Option: Attaching the belt so the teeth face outward, instead of inward, would still hold the cam pulleys fine, and would provide a better grip on other round objects like the crank pulley or driveshaft.
Using a new timing belt, though a little pricey, would provide a stronger and more grippy tool. Maybe you could scrounge a scrap belt in good shape from a shop or a buddy.
The tool turned out to be very handy for other jobs, too. It held the crank pulley really well. Last year when I had to torque my center bearing onto my propeller shaft with 134 ft lbs of force, the strap wrench held the shaft firm.
EDIT Sept 2010 - Suggestion for improvement: I just made this tool again this week to hold my harmonic balancer when changing the timing belt, and to provide some protection from cutting the belt against the lag bolt washer, I used an extra 8-10 inches of belt and folded it in half, toothed side to toothed side, and drilled the lag bolts through the two thicknesses of belt. The side of the belt leading to the pulley is on the bottom next to the wood, and the folded over side is on top providing some cushioning and protection from the lag bolt washers. It worked super well. This technique results in the smooth side of the belt against the pulley, and it held the crankshaft pulley better than when I had the toothed side facing in. This arrangement would still hold the cam pulleys just fine, so this is the way I recommend making the tool. It held the crank pulley against 181 ft lbs of torque with ease - I estimate the tool could withstand up to 300 ft lbs.
1989 V6 4x4 X-Cab 5spd 288k miles, Borla cat-back, K&N Filtercharger, 30x9.5 Bridgestone Dueler A/T REVOs
Last edited by sb5walker; 01-20-2011 at 08:54 AM.