Truck Repair: water pump failure history, frequent failure, f100

Question
Hi, I've had a '74 F100 w/straight 6 300 cu. for about 20 years now and the water pump gets replaced more than anything.  I have less than 5000 miles on this new pump and it's already leaking horribly again.  I'm I tensioning the belt too much or is this vintage setup just prone to frequent failure from bad design. (the wraparound belt has no balancing forces so the belt is always putting side-force on the pump shaft, as far as I can tell)

Answer
Hi Matt,
I was just looking at my stats, and ratings, and your rating jumped out like a red flag, so I came back to try to figure out what I might have done wrong on my answer.
As volunteers, spending our spare time trying to help DIY's keep their money in their pockets, ratings are the only thanks we get, so when I saw the low score, I just needed to know what was wrong.
I sincerely hope that my answer assisted you with your problem.
Van