Check if the motor runs with the belt off. The slow motor needs to be turning the rubber tyre, too.
There are a number of things that make a perfect motor seem gutless, as well as being clogged with old oil.....
Remember too that when the belt is ON it has to be loose enough so that it slips when you hold the rotor. It'll jam up if it's too tight.
Sometimes the positioning nuts on the three long bolts holding slow motor can get inexplicably altered ( perhaps they were loose and moved with vibration over time) and the spindle doesn't connect.
1970 Brendon T. Wright
1959 C3
1975 T-500
1992 Korg 01W/fd
1994 G&L S-500