That sounds like the way to go......
This photo shows the arrangement of four flat step pulleys for drive and power feed:
http://www.vintagemachinery.org/photoindex/images/20426-B.jpg
(kinda fugly colours though.......
)
It looks like yours uses the lever on the back of the table for horizontal X-feed, right?
(it has no feed screw in that direction?)
It should be right at home with all that other equipment.
Something old (the mill), something new (the DC motor and controller), something blue (a new paint job), then we just gotta figure out something you can borrow......I wonder if I have any B&S #9 you could take.......hmmm....
-brino