Micke,
What a lovely shop you have, I envy your floor area, Glad you are going down the path of keeping the flat belt cone pulleys, If you polish them up a little bit, they are her jewels Many years ago in one of the factories I worked in I operated a lathe about the same size and configuration as yours, With the soft vibration less flat belt, I could by using a broad faced tool and cutting oil on the work piece, + a fine feed on a finishing cut achieve a finish like a mirror , With that ancient machine it was a case of "Slow and steady won the race", But on a roughing cut, it could coil the cuttings off a work piece fairly briskly.
There is something homely about these old lathes which is missing in today's modern lathes which to me are enclosed buzz boxes.