water pump belt tightness

[nomad]

How tight should I make the WP belt?
I believe my WP is weeping a little and I swore I had a new one in there. I'm probably going to buy a new one and install it just to be sure but I don't want something like belt tension to damage the WP and make it weep again.
Right now there is maybe 1/4" deflection and maybe this is too tight.

I can't imagine it is leaking from the O-ring, nor the gasket (as I put a thin bit of permatex on it).