Craftsman 113.213090 drill press speed reduction?

[Innovate1]

This is a bench unit bought in the early 1990s. Lowest speed is 480. Was thinking of using a fly cutter but it's rated for something like 350 max. I see a bunch of options for older units but didn't find anything on this one. The belt cover doesn't have a hole where the hollow post is but guessing a hole could be cut in the sheet metal to mount something in the post like others have done and it looks like there is room otherwise. The belt measures 0.310 width at the top (and no significant wear) which is a bit short of 3/8 so wondering if this might not be 3/8 - maybe a metric size? It has 4 step pulleys. I could see just replacing the motor pulley with a single groove and using the motor step pulley on the jackshaft - I haven't changed it from the slowed speed in years so a couple low speeds would be fine.
Motor is 1725 RPM so a 1150 RPM motor wouldn't drop the speed much. Shaft is 14 mm.

 

[GeoBruin]

Lots to unpack here. First and foremost, you want to use a flycutter on a benchmounted drill press? I think we need a bit more info about the circumstances here.

 

[Innovate1]

Just want slower speed for things and the latest possibility was this use. Maybe I am using the wrong term. It's not a milling machine fly cutter. It's an old sears tool with a center drill bit and an adjustable cutter on the end of an arm for cutting thin sheet metal or plastic sheet. Here's a picture.

 

[GeoBruin]

Just want slower speed for things and the latest possibility was this use. Maybe I am using the wrong term. It's not a milling machine fly cutter. It's an old sears tool with a center drill bit and an adjustable cutter on the end of an arm for cutting thin sheet metal or plastic sheet. Here's a picture.

Ah, gotcha.