Adam,
It doesn't answer your question, but you might find this interesting …
When I removed the motor from the ML7-R, there was no key between the shaft and the pulley: The pulley was only retained by the grub screw; which had obviously been rattling in the [motor shaft] key slot and had bruised it quite badly.
That said; it did slide off O.K.
Generally … Your idea sounds good.
MichaelG.