Looking at it, it would almost be better to deflect the belt to the inside of the water pump's housing... you'd get more positive contact area on the crank pulley and the intake cam as a result. It may also just slightly clear without modifying anything... I don't know that the tensioner would take that much slack though... the person doing this might have to use a smaller timing belt. (Not hard to do with Honda engines, dunno about others.)
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