I mounted the lathe and the motor on a chunk of 3/8" plate (painted white) and placed that on top of an old Mac toolbox. I got it lined up pretty close, and the flat leather belt stays on OK in the middle position. It runs off the pulleys FAST in the other two positions. I've managed to make some chips with it, and it works!
The fellow I bought it from had hooked up an old, open-frame washing machine motor. It has two hot wires, one for fast and one for slow speed. I can't see the difference between the speeds, don't have a tach. They're probably different, though. Anyway, I ran a power cord into a box, put a 1/2hp-rated SPDT sustained contact center-off switch in there, mounted it on the side of the toolbox on a bit of strut, so I can turn it on/off without having to reach over the lathe.
Pep sent me a heavy little box of carbide bits! They work great. Thanks, Pep!