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The last model of the 260 General made used a 3 phase motor, VFD, and a 4 step "V" pulley. If it was my lathe I would consider going that direction instead of restoring the reeves drive. 3 phase motors are cheap on the used market. Good ones can even be found in the junkyard. I also would use a poly rib flat belt instead of V belt for more efficient power transfer.