The small wheel on the front is for adjustment of the belt tension. These had leather line drive flat belts originally, a previous owner got creative with the pulley setup. The adjustment wheel moves the motors sled. If you ever come across one save it if you can. They sell from most industrial auctions online for scrap value often. Mine only has an old ˝hp motor but it will go through steel plate like its butter, and very quietly too.
Good idea on using the pinch clamp bolts, that looks like a perfect spot! I have a pile of those coupons too
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