Evan: It isn't the PS pump pulley I'm worried about. It is the alternator pulley. It looks to me like the belt arrangement is like this:
Belt A runs from a single pulley on the crankshaft, around the water pump, around one groove on the alternator and back to the crank pulley. Belt B is powered by the second groove on the alternator (I'm guessing 2-3 inch diameter) and wraps around the power steering pump returning to the alternator pulley.
I'm worried about slippage at the alternator pulley. Most likely in the groove using belt A which will have less wrap than belt B. If you tighten it enough to prevent slippage it may reduce front bearing life in the alternator.
Using a larger diameter alternator pulley (hot rodders use them to cut down on engine load at high RPM) would help the (potential) slipping problem, but given the low RPM of our stock 6 cylinder engines the alternator probably wouldn't start charging until over 1000 RPM.