I just changed my oil which I do without fail on a 2500 mile schedule and it always gives me a chance to look around the engine bay to head off any future problems. I drive about 90 miles each day (highway) and average about 60 mph, no real hurry. Yesterday, I drove about 150 miles non stop at about 80mph without any problem. The car did great, especially with 280K on the clock. This morning while doing my look around, I notice some oil/grud on the waterpump. The temp gauge read fine yesterday and the coolant was just where it was supposed to be. I then pulled the cover off of the timing belt to make sure there was no oil in there and on the belt.....all was nice and dry. My concern was this....The timing belt had been replaced at 250K and not due again until 300K. I had always had a private Volvo garage install my belts and never looked into that area before. Now I see that there is about 1/2" deflection in the belt and also, it's not fully centered on the top gear wheel so when it's rotating there is a slight eliptical wobble to it's motion. Is this anything I should worry about right now or should I have it replaced on the regular schedule in 20K miles????? Also, where would the oily residue come from that's on the waterpump? Could it be from just driving it real hard yesterday?

Thanks......