I use precision-ground O-1 as a backing plate for my glass platen liner so no direct experience running it in contact with the belt. However, I spoke to a knifemaker about direct contact use and he said a lot of guys use tool steel directly under the belt and it seems to hold up well. He did that, too, except he used some other steel as it came from the supplier, no hardening.
O-1 doesn't move a lot when heated, especially if you don't machine it. For myself, I would epoxy a platen liner on it and call it a day.