What do you consider a ’modern alternative’? Are you expecting to change the pulleys? I just replaced mine with the same section V belt, bought from my local bearing company ABC.
Mine has a single belt, even though the motor drive is by twin sheave pulleys.
My quill (which had a dro read-out already fitted), has the reader fitted to the vertical head body and the scale screwed (by a suitable bracket to line things up) to the quill. It appears that it was nothing special and a straight-forward job, when fitted.
Edited By not done it yet on 01/03/2021 07:01:45