After much going up the learning curve, the following:
Contrary to my previous assumption, the Official Shopsmith Belt actually has a pitch length of 25.4", not 26.57" (675mm). I also incorrectly assumed a belt thickness (not width) of 3/8". Actually it is 5/16" and that makes some differences from previous. Belt width is still officially 15mm (.59") but others have reported lower. Per careful measurement, my spare belt measures 26.38" outside. Others report 27", so I think the Shopsmith belt length varies widely over the years and maybe from lot to lot.
Contrary to my previous material, the Official Shopsmith Belt can indeed achieve sub-700 RPM - but at sub-700 RPM, the smaller PD approaches 1.44" diameter. At this small PD the belt may be overstressed and heated, and worse, the belt will no longer be in full contact with sheave traction surfaces (see attachment), and the belt may drop inbetween the sheaves. Wear will aggravate the drop-inbetween tendency. So OK sub 700 RPM is possible but avoid it.
Shopsmith sold this belt as 504193 and currently as 521682. Unknown to me if there is any dimensional difference between these numbers.
Note in the attached table that for each output speed we have two PD's. Each of these PD pairs are linked because they must "add up" to the same constant belt pitch length. When we adjust the Shopsmith speed dial, we are changing BOTH PD's concurrently. It is the PD ratio which defines the speed, not one or the other PD separately.
It is the PD ratio range that gives us speed range. At one end we may have a 1/3 ratio but at the other end it will be 3/1. The ratio at one end is just the reciprocal of the ratio at the other end. Which is why low min speed and high max speed are concurrent.
This is also why, if we use a longer belt, we restrict speed range. In the extreme case (see attached), a belt of 30.8" would restrict speed range to zero, the PD ratio would be 1/1 and unadjustable, and the Shopsmith output speed would be motor speed/1.6.
I still cannot understand how the high speed adjustment screw can also affect low speed, as others have claimed. It sets a limit on highest speed only, as far as I can see. The low speed limit is set by the motor spring going solid. It would be desirable to have a more positive low speed limit.
Somebody on this thread said that in the event of an overload, the belt drive somehow adjusts in an attempt to maintain speed. I do not think so. The drive ratio stays where it is set regardless. The motor may change speed but that is the motor not the drive.
GRAPH AND SPEED TABLE FOR SHOPSMITH OFFICIAL BELT.pdf

