I was gifted a basic ("Professional Woodworker" brand) lathe with a
dead 3/4 horse motor. I have an old Dayton 3/4 horse motor (which is
much bigger and heavier than the one in the lathe) which I'd like to
use for the lathe, but the spindle on the "new" replacement motor is
maybe 1/16" too large for the pulley from the dead motor.

How should I go about getting the pulley on the motor? Should I crank
up the motor and just use sandpaper on the spindle until the pulley
fits or what? I'm hesitant to try to drill out the pulley because I
don't want to make the hole off center and ruin a mostly irreplaceable
part.

Also, since the "new" motor is so much larger than the dead one, I
have to relocate the motor to below the lathe's motor enclosure...
would one of those link belts be a good option for connecting the
pulleys or should I just go to an auto parts store and try to find an
appropriate size belt there?

Thanks!
Nathan