could a misadjusted tensioner cause knocking
 

I changed the timing belt and after about 50 miles I developed a knocking noise which appears to be coming form the left side of the engine behind the timing covers.
After rereading the timing belt procedure, I realize that I adjusted the tensioner adjuster all the way right instead of all the way to the left, thereby shortening the adjuster effective length. Could this mis-adjustment cause a knocking noise? If so would readjusting it back left, where it belongs, cause the knocking noise to go away or is it likely that the tensioner adjuster is now permanently damaged?

When you say 'left' side, is that when you're standing in front of the car looking at the engine or from the driver's seat?

When I bought my first SVX, the previous owner had just replaced the timing belt and there was a slight ticking sound that I thought was a 'lifter'. Now, about 16,000 miles later, the sound is MUCH louder. It's coming from the front passenger side of the engine, behind the timing belts covers or in the head near the first cylinder.

I'm hoping the suggestions to fix your problem will also help me. ;)

Good Luck,
Dan

Yes, a bad timing belt tensioner can cause a knocking sound, had one do it on an Impreza I had, put a new tensioner on it, and it went away:)

Driver's side of engine
 

The timing belt tensioner is on the driver side of the engine. The Haynes manual says for you first to mount the tensioner adjuster all the way right. I was thinking as I am facing the engine to my right which actually is to the left of the car. This made sense to me because it gave me more play to work with when putting on the timing belt.
After the timing belt is on and lined up the Haynes manual says to slide the tensioner all the way left. Here, I did it the opposite and slid it all the way right. I thought that the tensioner should be mounted to shorten the tensioner piston, not to have it more extended in its mounted position.
Now that I realize my mistake, I think I caused the tensioner to wear out so I need to replace it. I figure I may as well replace the water pump to because of having 154K miles. I also heard that the water pump could also cause a knocking noise.
Ho long does the water pump typically last?

I'd recommend replacing the water pump at around 120k....as they can do LOTS of damage if they go out while driving...

You set the tensioner so that it can take up as much belt slack as possible...not so that it's easier to install :)

knocking noise gone
 

I re-adjusted the the timing belt tensioner toward the left side of the engine where it is suppose to be and the noise went a way after awhile. I think that it was causing binding on the left camshaft bearings/keepers because of the extra tension that it was causing on the camshaft. Hopefully this problem is fixed and will not come back.