Gunner writes:

If one of you 8540 owners gets a chance, would you look at your bottom
pully..and on the outboard end of the piston there is a big round
washer with a nylock nut on it. Under the big round washer..are there
three , 5/8" diam tubular spacers that prevent the pully from opening
up past a certain point? The belt will not travel into the center of
that pully, more than about 1/2 way, with those spacers there. They
prevent the pully gap from getting any bigger.

I find the nut, washer, and one space about 3/4" long on there. Sounds
like yours is just set up to stop the pulley from adjusting out all the
way. Mine will bottom out the belt.

I assume you bled the hydraulics of air, and topped up the fluid, kind of
like auto brakes?