Use a plain old compass to trace out the estimated outside maximum diameter. Use the mill to bore a center hole. Use the mill again to drill out four small(ish) holes in the center, about as far out as your four jaw chuck will be happy holding it. Etch a sketch the part as close to the line as you can, without violating the compass circle you made. Move it to the lathe, anchored to the four jaw chuck by those holes to cut the belt profile. Move the compound and the tool post to use whatever tool you've got to true up the OD to the scribed circle. Figure out how best to align the compound to get a profile tool into the groove area. Grind a high speed steel profile tool to make the belt groove profile at whatever angle it needs to be to match up with whatever presentation angle you just determined would be best. Then if and only if you, the project's destined operator, or anybody else who's opinion bothers you requires this, draw in whatever spoke/weight reduction features you'd like to have, correlated to the four existing holes, and put it back in the mill to take care of that aspect.