The ring isn't just too loose..It's off the pulley completely. When I had it all apart, I moved it around and settled on leaving it against the block after wondering what it was. Since I didn't know much about this engine, I thought it was like a little guard for the seal or some kind of shim or weird type of spring. I think it stayed there for a few drives, and it worked itself loose again so it can make noise and make me think my new tensioners were going bad already . At this point, it's the noise that's the nuisance more than anything. As I said earlier, I've heard the noise before, but it was muffled enough for me to think it was wearing pulleys or a noisy P/S pump.
I took the Dremel to the covers and now the sprocket on the passenger side has the same clearance the driver does. As a matter of fact, the idler pulley was an area where the belt was also rubbing the covers to no real harm. It was a failed water pump gasket leak that did my belt in, plus years of crud with new belts being installed in all that muck by prior jobs. I CLEANED it all.
I'll be keeping any eye out for spare parts online and around the area. Maybe something will pop up.
DaveT, lucky for me the belt is tracking more toward the front of the pulley than the rear of it. They're both tracking pretty nice IMHO. I checked this a few times after the initial start and now a few times after driving it.