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voest lathe sans gearbox

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I am looking at a voest lathe that is missing the motor and gearbox. In fact all that is left down there is five small A section vee belts. Gearbox looks perfect inside.
I am wondering if one could build a variable speed drive off the shelf connected to a new motor. I expect I need at least 5 hp.
Has anyone any experience with installing snomobile style variable speeds like Lovejoy or similar? The boat anchor would be about 1500 then cost of drive, motor, vee pulley, shafting, bearings, steel plate, and control.
Is this practical or should I just walk away. I am retired so my time is cheap.

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