Using one very long belt as HardKnocks suggested may have consequences of slippage.

First, realize that one reason for two belts around the water pump and alternator is to ensure not only a backup but also adequate "drive" for these accessories -- they consume a lot of horsepower and need a lot of power transmitted to them through the belts.
Now, that transmittal of power can be achieved either with a very tight single belt (which can lead to premature altern. or water pump bearing failure), or by sharing the transmission with two belts, which is what is done here, normally.
Second, for the belts to be able to transmit power, they must have adequate frictional contact with the pulleys -- and this is done by having the belts wrap around as much of the pulley as possible, thus maximizing the arc of the pulley that the belt remains in contact with the pulley.

Now, in the scheme suggested, you would have one (the forward of the matched pair of belts) substituted and redirected to go from crank to alternator to water pump to power steering and then back to the crank. That diversion will substantially diminish the arc of contact of the belt on the water pump and the crank pulleys, seriously reducing the amount of power that the belt can transmit (i.e., it's more apt to slip). The alternator and water pump will become reliant almost solely on the remaining OEM belt, putting more stress (and faster wear) on it. And, in fact, if the new, substituted belt slips around the crank (as it might), the power steering (lacking a second belt) may not get enough power to drive it in a high pressure, quick-steering evasive maneuvering situation (you may find the power steering "frozen").

Moreover, with the greater span of belt between the power steering pulley and both the water pump and crank pulleys, you may find that the belt is too loose unless you tighten it severely to take up the slack, endangering all the accessories' bearings.

Just thought you should know the other side of the coin. In any case, good luck.