If using a new belt, the instrucutions in the shop manual would apply for initial setup. Once the belt wears/stretches, that pulley alignment HAS to change or else you'll have to run with a loose belt.
When I ran those old tractors/decks, I never paid any attention to the pulley alignment, just the spring tension on the belt and never had any undue problem. I've cut a lot of grass like that!
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