Had a similar problem on my 94.
Not sure why but when I accelerated the belt would tend to ride off the side of the idler "below" the alternator. It would be properly centered until I accelerated and would recenter after accelerating. I often would find the belt partially on the alternator. Couple of time it came off completely. I saw the belt shifting by standing above the engine and revving it in neutral.
To solve this I installed on this idler an aftermarket idler pulley with flanges on the edges. This was a machined aluminum pulley made for this vehicle. Price has almost doubled since I bought one about 5 years ago. I believe the one below is the one I purchased, you may want to measure it first.
Never had a problem after installing this.
Free Shipping - Steeda Idler Tensioner Pulleys with qualifying orders of $109. Shop Tensioner Pulleys at Summit Racing.
www.summitracing.com
Steeda's Fox Body Mustang Aluminum Tensioner Pulley for the 5.0L is an American made Billet aluminum replacement for the factory steel idler pulley. They feature a premium OEM quality bearing and are clear anodized for a long lasting finish.
www.steeda.com
Found a plastic one for less than $20