Is the knob popping/slipping when pulled out or pushed in. A casual look seems like there are two drive engagement dogs (#159 for example) for the gear-to-pulley drive. The dogs and/or the mating engagement of the gear may be worn/damaged so that drive dog surfaces are no longer square or fully engaged. Cutting pressure back feeds to the drive dogs, which are pushed out of engagement. This is somewhat common on older machines that weren't shifted correctly (as the manual clearly advises) and damage to the "teeth"/dogs happened when they were banged into shifting under power/rotation. A similar condition happens to a lot of the J head Bridgeport turret mills and it's an awful noise when someone starts the mill without being fully engaged. If so, either a replacement component(s) or weld the worn/damaged surfaces and machine back to spec. I may be wrong, hard to say without seeing it in person. Good luck