First of all,I am glad I found this forum and I want to thank all who responded. Too many to name but you know who you are.
1. I am so old that I thought VFD's still cost in the thou$ands. Seems like I could have bought one for less than the cost of the new motor and solved all the problems at once.
2. I think I was working with ID and OD on the ratio problem but even with the corrections, it still runs too fast. The manual posted was a real help. I was able to take the vertical slop out of the spindle by following the directions I never would have guessed at.
The lowest speed is supposed to be around 700 but the best I could do was about 850.
By changing to a 3/8" belt I do get about 700.
3. That is still too fast for what I have in mind for this thing which is to make a crude milling/boring machine out of it.
The first step was to buy a cross slide vise which is a story in itself but it does what it does and is useful in a limited way.
I then attacked the speed problem like my old mill/drill did it, i.e. another speed control pulley in the loop. Don't what this is called but the pic included here is what I came up with. I am now down to about 300 RPM.
The next problem was an up-stop, not to be confused with the down stop.
I added the gray plastic knob that runs up and down on a 1/4-20 threaded rod. The bottom of the knob pushes on an extension the drives the spindle down at 1/20 inch per turn. That and the locking knob gives the vertical finesse needed.
I should point out that I have more fun building or redesigning things than just throwing money at problems.
As a point of interest, my shop and barn were totally destroyed in a fire last year and I was hard pressed to find a screwdriver the next day. We rebuilt the shop and barn but replacing all the toys and treasures is a hopeless task but I'm slowly getting things together again in a much smaller way.
Thanks for the help,
Jack Schmidling
Marengo, Il