And to add, if you are going to change the motor, I would get that first, and make the sleeve to fit the new motor shaft/pulley bore. Don't assume if a motor is advertised with a 1/2" shaft, that is exactly what it will have!
This reminds me of a Hilka polisher I bought off the bay a couple of years ago.
It is based on a double ended bench grinder, and you take the grinding wheels of and slip an adaptor on the shaft with stepped tapered ends to take the polishing wheels.
The adaptor is secured with a grub screw, but the adaptor isn't an inteference fit, so the grub screw pushes it to one side. When you have two polishing mops turning at near on 3000rpm, it literally violently throws itself off the bench, it is so out of balance. I'm not suggesting you will have the same problem, but you will get my point, I am sure.
Ironically your nice Fobco cast iron pulleys will exaggerate any out of centre malarkey, as their extra mass over lightweight alloy ones will exacerbate any imbalance.