Belt rubbing water pump

I have mine setup the same way, which is technically not the correct way. The car was probably an ac car at one point and they modified the belts to work with the same pullies. A non ac car should have a belt running from alternator-water pump-crank and another going from the crank to p/s. If you use the ac pullies they wont line up correctly because the ac compressor was removed, so you have to modify the routing a bit.

It works just fine on my 360, even if its not correct, check to see if the alternator pulley is lined up correctly. Or look for a non-ac accessory pulley setup to correct the routing.