No, because the adjuster bolt only turns the inner part, if the rubber is bad, the outer part of the pivot will not rotate far enough to pull the belt up before you run out of room on the adjuster and strip it, or worse, snap the end off.

It's nowhere near as bad as doing water pump on an M103.

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!