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Given the reduction of your gearbox, and how much torque you have at the shaft, I would extremely worried about using a set-screw to transmit power to the pulley. I wouldn't expect it to take more than a few matches for that set screw to start slipping (because of your high reduction I'm assuming this gearbox is being used in a high load application).
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True, set screws should be avoided normally in high load applications, but I wouldn't exactly consider belt pulleys in a tower to be an extremely high load application.