I'm not bothering
I have one, and I don't really see the point in major modification. The lathe just isn't worth it.
However, there is one adjustment you can make that will help quite a bit. There are two dial indicators on the speed lever mechanism. One is outside the cover, and the other is inside. There is a vertical bolt in the casting that acts as a stop for the inside dial indicator. Remove it entirely, and you will be able to get the belt to hit the shaft on the motor end. That is as slow as it will go. The only problem as that it is hard to get the pulley to bite on the belt with so little tension. Also, when it's that loose it tends to work itself even more loose.
That's the best I've come up with so far, but in addition I have about 300 lbs of wet log weighing it down.
Good Luck.