Belt deflection is set with the secondary. If the center to center is off any substantial amount this needs to be corrected first, but I'm not sure why you'd have any issue with center to center. Either way, check this first. Center of primary to center of secondary should measure 11.5".
The deflection is changed by changing the seperation of the secondary sheaves at rest. With a Team roller (haven't worked on button styles), there is a stud on the outside of the clutch with an allen wrench fitting in it and a lock nut on the stud. To increase deflection, loosen the lock nut and thread the stud into the clutch. To decrease deflection, loosen the lock nut and thread the stud out of the clutch. I think you're looking for 1.25" deflection.
But, since you didn't check clutch alignment, I would start there. Its rather difficult without an alignment tool, but I managed to do it with just a good straight edge and a tape measure. I forget exactly what the spec is for offset, 5/8" (back edge of primary to back edge of secondary?)? The clutches need to be parallel (in-line) to one another, most importantly when the engine is under load. I set mine up so that at idle (no load) the motor is actually a little crooked relative to the secondary, so when it is under load and flexes backward it is in line with the secondary (using a torque arm helps cut down on this "flexing"). Straight edge flat against backside of fixed sheave on primary, protruding toward the secondary, looking for a small gap (really small gap!) on the front edge between straight edge and secondary moveable sheave.
I'm no expert, so anything I said could be incorrect. However, it has worked for me.