While I agree that you should not overtighten the fan belt as the pump bearings can't take it, I will advise against too loose IF you are experiencing overheating in traffic or in a parade.
My car was overheating and the belt was at 1", and I noticed that there were shiny spots on the inside of the fan belt. I tighten the belt to 1/2", put some belt dressing on and the overheating stopped.
That is my experience.
JackD