Well, success or failure - you'll learn something.
The Stock Drive website has alot of good information about timing belts and pulleys. Reading through it will give you a bit more information. Belt size, tooth profile, pulley types, and more will all effect how much power you can transmit and at what speeds. Also have an effect on belt streach and such.
http://www.sdp-si.com/Sdptech_lib.htm
Don't forget, timing belts drive motorcycles.
I don't know if a belt drive system will work - I haven't done the math. But I think it's worth the thinkin' time.