I built a 100 foot long zipline with some friends when we were all 13 years old- we have a couple of lessons learned from that.
You could use a couple hardware store pulleys and separate them with a couple pieces of metal bar or even wood. I wouldn't use just one el cheapo pulley due to the risk of breaking. It wouldn't hurt to run a carabiner backup, but the wire will chew through the 'biner over time. Wire is better than rope, and coated wire is best for maintenance of the cable and pulleys. Make sure to size the cable properly since load multiplication occurs with a near-horizontal cable span. If you're using rope or coated cable, the Petzl pulleys mentioned above are definitely safer, but the aluminum would wear quickly on bare steel wire.
If you plan on using rope, make sure it's static rope, as dynamic climbing rope will only last a little while before getting torn up and kinked (bad experience with version 1.0)
Tight is not necessary; if you set the bottom end of the zipline at a tree it's nice to have some sag for stopping, plus it cuts down on the tension in the cable. If you set it up too tightly and too steep, it's best to have a pad on the tree.
Lastly, connections are key. make sure to check your cable crimps/clamps or knots, lest they come loose and the thing collapses while someone's in the middle of a ride.
Most of all, have fun with it!