Hi Dave,
I had another thought about my first comment about the double-decker grub screws. Are you sure it's the belt that's slipping on your lathe? Could it be the pulley slipping on the shaft? If you aren't aware of the doubled up grubscrew, it is easy to think you've got it nice and tight to hold the pulley to the shaft but all you've done is tighten the locking grub screw, the one underneath may not be tight on the shaft. You need to take out the top grubscrew, tighten the lower one to hold the shaft, then put the top grubscrew to lock the first one in place.
May be worth checking as it may save you the hassle of changing the belt.