Serpentine drive water pumps on Fords definitely run backwards.
We had a lot of problems with V belts rolling over with the 351W we ran at CMP a couple of years ago, that ultimately cost us an engine. Looking back, what we should have done is the same thing dirt trackers have done for years: run the water pump directly off the crank by getting a belt short enough. Best way to do that: bolt the pulleys in place, wrap a narrow tape measure around the pulleys centered in the groove, add ~1/4" and go find a belt at the parts store. That way there's nothing else to create a long run, which was our downfall. To install the belt, you have to take the water pump pulley off, slip the belt around it, then put it around the crank and wiggle the W/P pulley into place. It doesn't have to be super tight, around 1/2" slack is fine.
The alternator can be run directly off of a double groove water pump pulley by using washers to space it out. Or, if it's easier, run the alternator off the rear groove and run the water pump off the front groove. If you have to have power steering (and the ThunderTerd needed it bad) you run a belt directly off of the crank to the P/S pump pulley. Again it's spacer time.
Philosophy of life: old age and treachery will ALWAYS overcome youth, enthusiasm and cash. General smartass know it all beer swilling ne'er do well. Avoid eye contact with this person, best avoided completely. 2008 Animal House Racing CMP 'Most Likely To Leave In An Ambulance' 2009 Blind Rodent Racing CMP 2010 Team Galileo CMP 2011 Roundhouse Kick Racing CMP 2012 Road Kill Grill Racing CMP (x2)