I don't know about the whole "can do/ can't do" thing... I wouldn't go so far as to say, "Hey, give up pal, it's not going to work!" There are some valid opinions floating around here, that suggest that you're going to run into some problems- and you certainly are. There are potential solutions being offered up, too.
If you want something that's going to be brilliant pretty much right out of the gate, you've got an uphill battle. If you want original, you're on the right track.
For my own personal opinion, well, you've heard it, and I'll say it again. The belt system seems sub-par to me. I personally think that if you can adequately feed the cooling system, it'll be okay. I also think the engine has the potential to have sufficient power with the right gearing. Your driveline is the weak link.
But you know what? Anything great ever created was an uphill battle. Things almost never work out the first time unless you're just using tried-and-true methods. As long as you're prepared to accept that, then build on!