Hello Steve
Sorry for the delay:



The following pictures are of the top jockey wheels, as you thought these swing left to right basically between centres! these do all the work changing direction of the belt.
Up and down is only about 1/2" on the "quill"/spindle down feed so the belt just rolls around these jockey wheels





The counter balance on the end of the pole I cant say it really does much to the motion, I not have noticed it anyway. the pole swings backward without the belt so It doesn't seem to do much.
(And yes the machine is in the house, right next to the front door in the porch! ideal as it was a wasted space anyway and its got brilliant sunshine in the afternoon though 2 windows!)
William