I have finally reached a possible solution although it’s not ideal.
I found a 50mm wide by 55mm diameter idler pulley but it’s ribbed for a serpentine belt.
It fits the space perfectly and prevents the need for the awkward spacer.
Will the ribbed pulley destroy the backside of the belt?
I found a smooth pulley with similar dimensions but it doesn’t have the side walls. Unfortunately it’s about $150 because it’s for a supercharger.
It has been very difficult to find a fix. I like this setup better.
Here is the original that failed.
Here is the new one
86 F150 4.9 Automatic