Jeff, it won't rub with the routing in the diagram. I can't really tell you the length belt to use, though.
429AL, yes, the fan direction is a real head scratcher at first, but as you figured out, it's correct.
I discovered this by accident when I put my belt on wrong after the rebuild of my car. Even if you aren't trying to bypass the air pump, this routing uses a shorter belt.
------------------
351W 89 Mustang GT Convertible