Slotting the holes in the compressor mounting plate is a good idea for two reasons. First, a too-tight belt will either soon break or will badly wear the crank or waterpump bearings, depending on how the belt is routed. Second, the problematic idler pulley is then unnecessary and can be eliminated, as belt tightness can be adjusted by moving the whole compressor. Just be careful to maintain compressor pulley squareness relative to the crank pulley. Mine has been running this way since 1981 when the idler pulley bearing went out (at Laguna Seca racetrack) and at the time, there were no viable replacement bearings.
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