Rear belt alignment after tranny rebuild

[JLockhart29]

Had my main shaft race walk on me and while in there replaced with the S&S and replaced every seal and bearing in the tranny and primary since I had almost 100k on my 04 FXST. Front sprocket look fine but went with new rear and new belt OEM.
Did some Forum search and all ready know my own answer but bike now has about 500 miles after rebuild and when I pull it into the shop after riding I can smell the fain hint of fiberglass. Jacked it up and nothing is close to rubbing EXCEPT the belt is running against the outside of the tranny sprocket. Of course belt tension with tool is correct and rear wheel alignment with in .005 using digital cert. cal. As soon as I jump off bike and grab belt it is not overly hot and can not see any unusual wear on it. Break cal. shows no sign of wear or stress.
After researching I see where the belt riding to the outside when rolled forward is normal and toward the tranny when rolled backward. My only concern is the burned/melted fiberglass smell and the out bound walk being excessive. The smell is not over powering mind you. Just a whiff when first pulled in the 12x10 in closed shop. This is the first time I have had a real in closed shop when changing a belt so when it was new maybe it smelled as well just didn't notice it in the open. Please pat me on my head and tell me everything is just fine!