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I'm sure that setup you have is working fine. I didn't think about a stationary idler pulley with a tensioner pulley originally, but bought the Trick flow Air/PS eliminator bracket that relocates the tensioner arm to the driver's side. it couldn't keep enough tension and squalled all the time, so I canned it.
I've also got a 72 F100 (son) that we dropped an EFI5.0 with AOD in.