PS Pump Alignment

This alignment is not to be treated lightly. If that belt flips off at speed and gets tangled in the other belt, and flips that one off too, will you notice your water temp creeping up?
I lost an a 340 like that back in the early 70s. It was still on warranty; 5&50.The replacement engine wasn't nearly as powerful,and I sold that Swinger shortly afterwards.