I've seen enough similar installations working, it must be an alignment problem. Because the engine alternator bracket is fixed, I may not be scrutinizing the alignment as closely as I should. The alternator mounting bracket is cast iron and has two threaded mounting ears that fit the Balmar, but there's no fore and aft adjustment. It surely was not designed for this Balmar even though there are standard foot measurements.

The outer surfaces of the engine pulley, alt. pulley and WP pulley are not exactly the same to the inside Vbelt surfaces, which makes it difficult to get a good line.

The bracket could easily be ground to allow shimming fore and aft. I'll recheck it for alignment and hopefully resolve this. Thanks to all the help.