To me...
... the trick is getting the belt just tight enough to run the pump, and not slip, at full throttle. Too tight and you shorten the life of the belt (and probably the pump, too). If you are lucky, you'll notice black powder residue in the engine compartment and know to loosen the belt. It its too loose, it will of course slip and you risk engine overheating. In addition to trying to figure how to measure the 1/2 in as noted below, what works for me is to tighten the belt until I'm able to twist it 90-degrees. In the end, every engine is different so you really just have to keep playing with the tension -- and looking at the engine while its running -- to find the sweet spot for you boat.