A few thoughts:
1. If the belt breaks, you will need a lot of work to renew it, so it could be better if the motor was above the worktop.
2. This would also save a big hole in the bench which could be awkward when you change the device or move it.
3. If you are making your own pulleys it would be simple to add a couple of alternative ratios at this stage, but much more work later.
4. You could ensure that the spindle does not float endways by adding a tubular spacer both sides of the pulley, locating each side between pulley and bearing. I assume you will be using ball bearings not bushes.
5. As you are using metric for the small screws, it makes no sense to change to whitworth for the big nut. It means an extra spanner for this job only, and no advantage in strength etc. Use M12, and the thread size does not need to match the spindle size.
6. There is no real way to hold the spindle to tighten or loosen the big nut. I suggest six flats on the left end for a spanner.
7. And why abandon the idea of a possible wheel both ends?
Hope this helps
Cheers, Tim