We're in the (slow) process of putting a Vintage Air system onto a big block (compressor on top). The instructions show only one groove needed. Also the system came with its own alternator bracket, but I couldn't see any reason to not use the stock brackets.
Hmm.. interesting, I found pictures that used 2 belts, (small block, like mine) and my compressor has 2 grooves also, I assumed I needed 2.
Gotta investigate more. Can you change the pulley on an alternator from 1 to 2 groove later? (Found a 1 groove alternator for sale).
Edit: after some more research: Looks like I need a 2 groove after all, Install instructions pict for a 340.