I'm thinking the aligned pulleys should tell you the blade position without looking underneath , if everything is lined up properly.
Chris
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1968 104 , service replacement '96 K301, 42" deck
1997 Scotts 42502X8 , repowered with '96 B&S 18hp TwinII , 42" deck
2007 LA130,21hp Intek v-twin, 48" deck
 As you slide down the banister of Life, may the splinters point in the right direction . 
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