Many interesting points made. It's handy to know the tapers on the dynamo and timing gear.
My RGS has a 14mm toothed belt conversion which has not yet given trouble after about 10 years, although I do think that the impulsive loads on the belt teeth when one changes gear at high rpm are just asking for trouble, though I still do it sometimes

. A belt with teeth missing is a smaller mishap than a snapped dynamo chain. I have wondered about making my own flat belt conversion, or even running the toothed belt with the belt turned inside out, thinking that the dynamo could just slip briefly when doing high rpm gear changes. Has anyone tried that? Velocettes run well with flat belts. I have wondered about making my own V belt conversion, and did find a web page which showed how to do the calculations. I dimly remember seeing a posting long ago from someone in New Zealand or Australia (this site?) about a V belt kit one could buy. I also tried doing engineering drawings putting a small friction clutch inside the larger pulley that drives the dynamo belt, like on the dyanmo clutch drive inside a Lucas Magdyno, but I could not convince myself that the component parts would not wear after high mileages.