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In the process of changing my opti I found some cracking in the balancer rubber so I ordered a new one. It was an aftermarket by Dorman part number 594-107. When I started the car and took it for a drive, I had a vibration between idle and 2000.
Came home and looked at it and the belt tensioner was oscillating up and down. So effectively the belt length was changing. Of course it isn't actually changing, rather when the damper turned the belt was hitting the high and low points. I was able to find the high and low points cranking it over by hand.
I know a out of balance balancer can cause a vibration but shouldn't cause the belt to slack and tighten.
I reinstalled the OEM balancer for now and all is well again.
I used these guys recently for my ZR-1, since I wanted to retain the balance pins for the nickel trick that all of the after-market options omit (even the good ones).