Assuming you let the arm carrying the middle idler pulley "float" i.e. rotate about the axis of the column, the tension in the two belts is nominally equal. So you just do up the belt tensioner to tighten both belts the same amount.
I use mine mostly as a drilling machine, because it has a no 3 morse taper up the spout. It's a perfectly serviceable milling machine, but I haven't used it as such since the day I bought a Tom Senior vertical mill.
By and large I use the mill/drill for drilling holes where you need the spindle running at less than 200 up to 800 rpm (drilling 10 mm dia up to say 25 mm or so). In these conditions the belt from the motor is used around a very small diameter pulley, whereas the others are around bigger sheaves. This means that the friction between the smallest pulley and the belt is what governs how much torque is actually transmitted to the belt drive. You need a fair bit of tension to get the belt to sit properly in the groove of the tiny pulley on the motor shaft.
I've found my vsd allows me to do this speed variation without swapping belt positions. By using a VSD compatible motor (now there's a long story!) I get enough torque to do what I want to do and the belt stays put in one set of grooves. Yippee!
At higher speeds the whole machine is over-designed anyway, so transmitting enough torque to drill say a 2 or 3 mm hole can pretty much be done without any significant tension in the belts at all.
I tried uploading some piccy's – haven't worked out how to do it yet. I bet there are some instructions here somewhere in the forums.
Simon