Greeting's Jason,
Yes this is definately somthing that should be adressed ASAP. If you wanted you could bolt on a SBC pulley, and then space all of the other pulleys forward by using double groove pulleys and/or spacers. But either way you will have to replace the defective balancer, it would be easier and less expensive to just replace it
(maybe a different brand)and be done with it. Well good luck, and don't let that thing come apart on you.