Epilogue: I did get it to work by routing the 69.5" belt the correct way around the tensioner. What's different is that the belt basically goes straight across the top of the water pump and bypasses the idler between the water pump and the alternator. Also, as the belt comes up over the lower idler, it turns the upper idler the opposite direction and contacts it on the ribs. Should I be concerned about this contact? Am I better off just removing that idler all together? It doesn't really add much but maybe a 1/2" of extra tension.
Also, should I be concerned that there is only about 4 inches of belt contact across the water pump? It seems to be working just fine now, but who knows when you get the motor cranking at 5000 rpm for an extended period of time.
Thanks again, this thread was a great help and saved me countless hours and/or hundreds of dollars of grief.
Dan