Thanks again for all the advice.
The tensioner moves freely, I even got it all greased up when I got he 420 running. I will pull the spring tighter and see what happens. I didn't have any time to work on it today, I put the finishing touches on my 60" finish mower so I can now mow with my Kubota. The yard is kinda looking like tall pasture so I had to get something together to get it mowed off.
The belt diagram picture isn't right, that is for a 7 iron deck, my mower has all the correct pulleys in all the right places. I don't know why JD went with so few pulleys, the belt runs the whole length of the deck (on the backside) with no pulleys to help guide it, that's where it's getting that "whip" effect and kicking off. The closest pulley in the video I posted isn't bent, that gap between the belt and the pulley is because the belt is slacked. If you notice that ripple coming down the belt continues around the pulley and that's the gap that your seeing.
This is the correct belt, if it was too long then it never would have ran for 10 to 15 hours prior to it falling off. The spindles are all straight, I even borrowed a tool for checking end play on engines, I checked out all the spindles and they all seem to be spot on.
I'll check the pulley to see if it's squeezed together, the paint is a good idea!.
I'm really thinking JD has the worse design EVER, I ran my neighbors old Poulan Pro mower for 15 years (mowed 3 acres with it), when I rebuilt the deck on it, all the bearings where shot, spindles were all loose and one spindle was massively bent from hitting a tree stump. That belt stayed on with no issues.
Thanks again for everyone's time