Depending on your pulley diameter and water pump used, the belt can run into the water pump neck...saw this on my brother's 340.
He's just dropped the money on a new pulley set from eBay for $80. Yeah, they won't match completely since they're aluminum and the P/S is old dirty steel, but (a) at least he'll be able to run both the alternator and p/s pump...and (b) he'll likely upgrade to aluminum eventually anyway. When I first looked, people wanted real money for the 340 crank pulley...something about $50 for a 45 year old crusty *** pulley that you didn't know if it was actually straight didn't set well with me.
