It would probably wear out the guide before it wears out the belt. If it bothers you just back the guide off a little until it doesn't touch the belt anymore. If the belt starts jumping off of the pulley then you know you have the guide too far away. In-so-far as the belt tension goes you don't want too much tension, you could prematurely wear out the pulleys.
Serving Greenville, Winterville and Ayden NC