If you're going to have any kind of tension on the chains or belts that jackshaft and pillow block isn't going to be very happy, as the forces pulling on it are in different directions which in turn puts the shaft in single shear. Over time the motor side will pull towards the motor and the other one will pull down, allowing the jackshaft to wiggle.
Two pillowblocks would be a better design, with the gears/pulleys in the middle. You'll get more life out of it.
Another thing, though this may just be a scale issue, twisting a belt 90 degrees generally requires some distance between the two pulleys, otherwise you have lots of problems keeping the belt on while under load. Belts generally "tolerate" twists and reduces their traction on the pulleys, so I mention this just in case you have not thought of this.