New to me lathe

[desertR]

What usually happens with the belt is that it becomes soaked with oil over the years I would check the headstock bearings with an dial indicator on the chuck and a bar in the chuck. If I remember correctly, the bearings are cast in place and not replaceable, but wear like iron. Pull the caps and clean them, check the felts, and be sure the oil cups the there, and will hold oil. They spec 100 or 200 oil, I  remember using 90 wt.
desertR

[Jerry Hall]

Honestly I don't know if you would ever wear a belt out on that lathe. I would get a good belt made if the belt is suspect and then take the headstock off so you can change the belt. That way you can inspect your bearings and replace them if needed.
My lathe is going to need a belt soon and that is what I am going to do. I can get those adjustable length V belts and just "put a belt on ", but I would not feel like I was properly maintaining my machine.
Just my humble opinion...
Loren

You do not need to take off the head stock to replace a belt.  Go to one of your local bearing / industrial supply businesses and have them make a rubber coated belt that has a master link in it.  Ask if they can make a belt from "Potato belt material" .  The master link is made with many stainless steel wire cleats on each end of the belt and a pin joins the links together.  The Potato belt has woven fabric with rubber vulcanized into it.  I have a big lathe that originally had a leather belt.  After 10 years or so, the leather belt stretched to the point there was not enough adjustment to make heavy cuts.

I have used many of these rubber coated belts on it over the last 35 years.   Do not over tighten one of these rubber belts.  Over tightening will pull the cleats from the end of the rubber belt.

[Hawaiiysr]

this is the type of belt i have on mine