Not much more to report, repairs on the lathe are coming down to a large number of very small tasks. I decided to replace both belts with Fenner link belts. A Fenner link belt is a v-belt made of some very tough stuff. The trick is that instead of the belt being a continuous loop, Fenner uses interlocking pieces:
While the piece is 2" long or so, the adjacent pieces overlap so that adding a 2" link adds about an inch of length to the belt.
And since the belt was on I added a belt cover from an Atlas lathe. Same manufacturer, probably a different model. Fortunately it fit ok. You don't want the spinning cogs under the cover exposed.
Here's what it looks like with the cover open:
The motor needs to go on soon. It looks like I'll be mounting a 1/2 HP 3-phase. This requires some electrical work so the starting the lathe is a few weeks out yet.
Remaining biggies for the lathe include making a shim for the leadscrew mounting bracket and repairing the carriage's lateral movement gears.