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Guys I bought a cheap bypass pulley for my smog pump since it locked up on me last week. Well I got the pulley yesterday and it bolted up just fine, but the problem I am running into right now is the belt is squeeling and it's a gatorback belt? Do you think after running the older belt on the newer bypass pulley that would be the reason it's squeeling? I also noticed that the bypass pulley like in the link below is smaller than the original bypass pulley, that could make my belt a tad longer to. This is on a 92 F-150 302EFI motor also. It's a 302 though and it should work fine, I didn't have any problems before I removed the smog pump.
Squeeking belts typically mean slipping, due to not enough tension, or a warn belt. Since you said the pulley is a smaller diameter I'd guess that the tensioner isn't providing enough pressure and the belt slips a bit.
Personally, I'd take a string and route it around all the pulleys, and buy a different length built and skip the bypass pulley you added entirely.
I did that on my 351W powered F350 with no problems.
I looked into that a little while back, and the techs at Ford Racing told me that it was for Mustangs only and that it would not work for a truck. So, I just went with a shorter belt which gave me more contact at the alternator which is nice because I have a 3g alternator and some aftermarket accessories and thus more load at that pulley.
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