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I'm not thinking about adding one to my vehicle, but the setting one up on one of these classic cars.
Can someone possibly add a serpentine crankshaft pulley, a serpentine water pump pulley, and a serpentine alternator pulley onto a 289/302 and use the alternator setup to tighten the belt? Get the pulleys from an 80/90's Mustang. I see the prices for what an aftermarket serpentine system goes for, and it's a lot of cash.
Can it be done in the way I'm thinking of?
Yes it can be done. That's how mine is set up. I used a set of March billet aluminum pulleys ($242 at Summit currently) along with a Summit billet aluminum alternator bracket. Just for the record, I have the under drive crank pulley due to high rpm (7,500) my motor sees occasionally. The standard size pulley comes in March set #1675. I have had zero issues with my set up.