I dont' think that makes a noticeable audible difference to the extent that you'd wonder "hmmm, is something wrong?
The belt guide? It's not loose, bent, or rubbing is it? That guide, or lip, can get bent when people try to pull the sprocket off.
If the noise is coming from the front and only the timing belt is causing it - then it sounds like the covers need to come off and hit every bolt of each pulley with a stethscope while it's running.