As far as I know,nothing will happen,not changhing the variator.The costs is a little loss of power and that f...... dielsel sound.(Excuse me dielsel owners,I have nothing against dielsel's,if the motor is a diesel !! )
If your cambelt tensioner is black :Replace it to a white one ! ! !When we did this operation on my car,the black tensioner was broken in 12 pieces,and they were spread all over down there.Nothing was happend.I guess my luck is used up for a while ! ! !
About the belt's my Alfa Romeo workshop said,that they change them at 80.000 km (50.000 miles),so I guees you can give them some more time.But it is very tempting to change them at the variator operation,because they have to be dismounted anyway.But if they look okay,you can leave them for another 18.500 miles.
3,5 hours labour sounds alright.Maybe it will run up to 4 hours.Good luck.
'96 2,0 16v