Thank you Brian for setting me on a very helpful track. When shopping around for taperlock bushings, I found a supplier that would also sell me a pulley with a taperlock fitting that's a perfect match for the original (double V-belts, B profile, 112mm outside diameter) for a shade over £10 plus VAT. For that price there's simply no point in firing up the lathe, and it means I can retain the original pulley intact if ever I want to restore the machine to its original condition. Pulley problem solved!
Re. the size and weight of motors, I've had a similar experience – I'm replacing a dual-speed 1.5hp motor (of unknown mass!) with a 3kW (4hp) motor that's physically significantly smaller in all directions, and almost certainly lighter too. An interesting observation is that the physical size of a motor appears to be related to its torque rating rather than its power rating. A 1.5kW 750rpm motor is roughly the same size as a 3kW 1500rpm motor (and as a 2.2kW 1100rpm 6-pole motor, indeed) and they deliver the same torque. As an electronic engineer this should not have surprised me, but I hadn't thought about it and power electronics is not my area.
The reason I'm going for a 4hp motor, which definitely seems like overkill on the face of it, is that I can run it off a VFD and get almost 2hp out of it at half speed, hence replacing and slightly upgrading the 1.5hp dual-speed motor.