You mean the air conditioning compressor? It can be done, but you'll need to find a belt which will work for that application... it's a bit of a crap shoot, and I suggest you find some F150 forums to find out which belt you can do this with and how to route it, although there really is no need to bypass it.. as long as you have the AC turned off, the compressor clutch won't engage, and the pulley will spin freely.
To service a stuck Hermetic compressor,repair the start components of the air conditioning compressors.