I tension my blades as light as I can get away with, setting the blade guides is what is important. I also don't try and feed to fast. Generally I can cut 1/16" veneer 12" high using a 1/2" Lenox bi-metal blade, with great accuracy.
Fit the blade, leave the blade guides open, or far away adjusted from the blade.
Tension slightly and turn the band-saw wheels by hand, adjusting to get the blade center.
Start the saw, then slowly start increasing tension. Keep adjusting to keep blade in center of wheel. Increase tension until the blade stops fluttering. (vibrating)
Adjust the blade guides as close as I can get, leaving about 1/16" between rear blade guide and back of blade.
If the blade is pushed against the back guide, (1/16" clearance closed by pushing by hand) then the gullets of the teeth should be proud of the side guides by about 3/32"
Pure mathematics is, in it's way, the poetry of logical ideas. - Albert Einstein.