I've been having the same issues!
I removed my alternator to touch it up with paint. It's 2 years old and is showing signs of rust. I've decided to change over to a serpentine belt system. What I noticed after removing the water pump pulley is there is rust on the insides of the groove. If you can remove all three pulleys and spin them on a lathe with a fine Emery cloth to remove any oxidation and rust it will help a lot in reducing the dusting.
I agree with your statement that it seems like it's at the end of the adjustment and I have to constantly tighten mine. I do have the "Belt Tensioner" Stu recommended. It makes it much easier to tighten but doesn't stop it from loosening or stretching. I think a serpentine set up is the best but is quite expensive. I spoke with Westerbeke and was told that eventually they will convert over to a serpentine system moving forward but they won't be supplying a kit to convert older engines. I was looking for dimensions to fabricate my own.
Don't ya just love boating
