Took some measurements of the pulleys and how much room there is.
Spindle 60mm, 80mm, 45mm bore, 28mm height
Motor 60mm, 40mm, 12mm bore, 28mm height
For low range, the ratio is 1:1, for high range, the ratio is 2:1. Makes sense.
High range is 1:1, Low range is 1/2:1. In low range the spindle rotates at 1/2 the speed.
If I don't modify the motor mount bracket, there is room, just barely for a 75mm pulley with a belt on it. (I measured 77mm.) Might need to slightly relieve the bracket if there is any rubbing.
On the spindle, since there is a bore of 45mm, AND a key, I might be able to make a 50mm pulley. Let's say it is 52mm. That would be a speed reduction of 52/75 = 0.693, or about 70%. If I understand correctly, the motor will be spinning 1.44 times faster than before - if the motor speed is measured at the spindle, which I think is true. This should make low speed cutting a little easier. I think this might be worth doing, sounds like a fun little lathe project.
The little belt on the pulleys is a 160J. I have been able to find the tooth pitch and depth (2.34mm, 1.60mm) but not the belt vee angles. Does anyone know what the angle is? I don't have anything to measure it with. On my machine, the spindle pulley wasn't machined correctly, as the vee is oriented as a 7, not as a >. The motor pulley looks like a proper vee.
Making this pulley will leave a hole in the speed range. It would be better to have 3 stacked pulleys, but I'm willing to try this out. It only takes a couple of minutes to change the pulleys, so if it saves me even 30% of my time, it would be well worth it.