You reckon correctly. One would reference a Comet 40 belt chart, and position the shaft to correspond with one of the "on center" measurements- and then use the specified belt.
Ok cool. Get sprockets with that bore size, get some key stock, pillow block w/ right bore size, shafting with a key way. There will be misc. bits you will need to make the support for that, but just keep to the instructions already posted, and keep us updated.
I said get the pillow blocks, as they are adjustable in may ways also they are more sturdier then the bearings you have there in that kit. One main point, they are self aligning.
With the washers setup, you have to set up all of the bearings on the shaft w/bearings and have to weld that setup on the machine, all with the good potential of arcing your bearing making this almost mute. In the end I reckon you will save money and time with the pillow blocks.
I merely pointed out the potential, as the slip of the stinger to the shaft will arc the bearings, oh and the danger of having them ruined by spatter just even tacking the washer hangers too.
So if this the route, be aware..