My original Craftsman Lathe (101.27440) motor had a 1/2" shaft. When I replaced that motor with a Baldor "Farm Duty" motor, the 5/8 shaft had me stumped for a while. The low speed pulley was too small to overbore to 5/8". I'm not too particular about speeds, there are several points that allow adjustment of ranges. The "16 speeds" was as much a marketing ploy as it was useful. I ended up with a single stage pulley slightly larger than the low speed and slightly smaller than the high range pulley. But I fit the 5/8" shaft and used the larger sheave on the countershaft. The machine likes it fine. I did use a tachometer and built a new speed step table. Printed (large type) and hung above the machine. If I ever decided to sell the machine, it would go with the original motor, for which the pulley is at hand. So the speeds printed in the manual would apply. If I ever run into a situation where the higher speed range was necessary, it is a simple matter to move the pulley to align to the high range on the countershaft.
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