Thanks for all the ideas guys! Here's an update:

I took a second look at it and it appears that there is no washer in between the tensioner and the timing chain cover. As of now when there is no tension on it the tensioner and the pully can "wiggle" back a forth about 3/4 inch. The only thing keeping the pully from hitting the fan blades is that the other end where the dampener is attached is hitting the timing chain cover. So I take it that the bearing inside the tensioner is shot and I need to replace it. I won't be able to do that until next weekend or over Thanksgiving as I am on the road for work, so for now I am praying that nothing bad happens to it. I have already replaced the belt once in the past month and this one seems to be holding ok.

When I put the one that is currently in, it was purchased new and I compared side by side and they looked the same. I still have the old one and the bearing or bushing on that one doesn't seem to be too bad and when I replaced it there was not a washer or spacer on that one either so I guess who ever did the job the last time fail to put it in.

Where is the best place to get the parts to fix it and what else should I replace while I'm in there with the radiator out?

vstech: You said there is a vacuum pump down there? I though there was one under the air filter box? I am slightly confused, is there one on the front of the engine?

Thanks for all the help!

-P