AsymMetric - No. There's not really much of an adjustment to the tensioner. It's automatic. Even if the pulley bearings seized, the engine would still run for a little while. The belt would just slide over the pulley until it broke or shredded.
Are you referring to the little tooth that's on the idler pulley mount that is supposed to fit into the mounting point so that the pulley is aligned correctly? If so, you need to remove the belt, loosen the bolt, line up the tooth with the space where it's supposed to fit, and then tighten and reinstall it.
I just finished my installation. I remove the airbox and moved the PS reservoir out of the way. I also removed the fan from the water pump pulley, but left it in the shroud. I did not remove the shroud. This gave me enough room to work and it was actually pretty easy. The idle is is much quieter now.