OK that should be more than enough tracking adjustment. I doubt mine has been adjusted more than 1/8" total in it's entire life of 30+ years. It doesn't take much to move the belt.
I highly recommend that you spin the belt by hand the first time to make sure the belt is tracking on the pulleys. If you start the machine and it is not tracking on the wheels is will destroy the belt in an instant and throw the whole mess in your face. BTDT.
Randy