That's a good way.
I use the Thexton tool #THX383. It is supposed to make things easier. I guess it would if you had an extra hand or 2, which I do not.
It works kind of like your method, it hooks to the lip of the bracket and you use a breaker bar to apply the leverage.
This all sounds good, except that while applying the leverage to keep the belt tight, you are just about out of room to apply more tension and the tool wants to keep slipping off of the bracket.
I have found, through many trials and many errors, that I use an old jack handle, slip it over the ratchet or breaker bar and apply tension. Then I zap it tight with a high torque air ratchet before either the bar slips or the ratchet comes loose.
Many profane words have come out of my mouth when "trying" to adjust the tightness of my PS belt.
After all this, it always seems to be too loose, belt is flapping slightly, but no squeals from it, even under load.
Words of Wisdom: Never lose that hose protector on the top hose or many leaks will come your way!