To check the fit, I would take the loosest belt that when installed will not slip on the crank pulley when trying to turn the pump pulley. Even that may be tighter than you absolutely need. Maybe EuropaTC could chime in and describe how he determined the belt that fit the best.
That's pretty much what I did only I was turning the crank pulley with a spanner.
With the same engine in a Ford or Elan, the belt also drives the alternator/dynamo and a clunky lump of steel pretending to cool the radiator as well and the description is for 1/2" play between the pump/dynamo. (pic below)
IIRC it was Mike Walters during one of his talks at Club Lotus weekends who said you could run it much looser, especially if you had removed the fan blade on the water pump pulley. He also said that running with the belt too tight was a big cause of failures and the Europa was better because you couldn't adjust it !
With that in mind I reduced tension on my Elan belt and was surprised how low it could go and not slip. On the Europa it's even better because the load on the pump must be approaching zilch; it's only circulating water, it shouldn't be thrashing it about or pumping to a great head.
The replacement belt bought years ago from a Lotus specialist was very, very hard to fit. I reckon when you have to lever the pulley into place with a sacrificial screwdriver and the belt won't move sideways at all, it's too tight. There's been loads of discussion about belts on the Yahoo Knowledgebase and it seems I wasn't alone on this. Talk of folks shaving belts to fit, etc.
I bought 5 belts with a range of diameters but similar angles and it's surprising how little change makes the belt too tight or too loose. My final selection is probably around 1/2" slack with finger pressure, maybe a touch less but it doesn't feel tight to touch. It won't slip and moves instantly turning the crank by hand with a spanner. Ironically, the belt that fitted the best was the cheapest of the lot - obviously Colin Chapman had a hand in selecting it back in the day
Brian