Thanks Guys,
Just to be clear, the swooshing noise was definitely the rubbing of the belt on the lower cover rather than bearings or tightness.
That's not to say the tightness couldn't be causing the belt to run off. However, when I first got in there the belt was too loose if anything. With the new, earlier style manual tensioner I have now tightened it until I have between 45 & 90 degrees twist on the longest point.
The noise seems to have gone now but I've only run it today & last time it took a few days for the noise to come back.
I'll keep an eye on it & come back if I'm still having problems.
Thanks again,
Ross.