Got the belts today!
Installed it and played around with the speed changer. Far as I can tell, it works great even with the badly worn shaft. Everything is moving as it should without the speed changer springs fully compressing. Also tried to check the condition of the drive bearings while it was running, but it was difficult to tell with the motor running in the background.
New issue - With belts, the SS was making a hissing sound that was intermittent at first and eventually became consistent with in a few minutes. I was able to pinpoint it to the motor, near the pulley. In no time, I had the motor apart and this time I separated the shaft from the motor cover to fully inspect the bearing. The side that was not visible before was covered in thick grease that I'm assuming leaked from the bearing?? I was also able to reproduce the hissing sound by turning the bearing (really fast).
I will do some research for new bearings, bearing tools, and diy before I do anything else.

