Is it ok to run the Alternator belt off the waterpump pulley only and let the belt for the power steering drive the waterpump? Here's why, When I rebuilt the engine I put roller rocker in which required the tall valve covers which forced me to buy an after market alternator bracket that would put the alternator outside the valve cover, now as a result of sitting outside the valve cover the fanbelt that would run from the crank and waterpump now rubs on the power steering pump thus the question. Or is there another option out there?

Should work. Chevy actually had a similar application. Some big blocks have the alternator belt just running to a double pulley on the power steering pump. PS belt ran to the crank and water pump. AC ran off just the water pump.   Mike

Maybe could get a three belt crank pulley (They have one that bolts into the middle of your two pulley, adding a thrid) and a two belt power steering pump pulley.  Would that help you get the alternator out far enough?  jackmoore38541.8268634259

Jackmoore, I dont think I understand. I do have a three belt pulley crank also a two belt pulley on the power steering pump.