In standard form all of the no load speeds are considerably faster than the name plate rating. If I recall correctly, the ratios between them are also incorrect, the lower speeds being higher again than they should be. This doesn't matter too much, unless you set up to do screw cutting, in which case a handle in the spindles is a better bet than using the motor.
I converted mine to use toothed belts about 30 years back, the little ones about 3/8 wide. I think this was published in MEW some years back, although I don't have a copy of that. I can dig out the files if needed. The setup I used fits inside the original belt cover. A later change was to put a countershaft where the motor would normally be, and provide two steps on the pulleys there. Those ones use a poly V belt. The motor I am using with it now is a 1/8 horsepower three phase one with a vfd, so now I have 8 steps of ratio change plus the vfd range of speeds. so I can go from really slow on up to about the original maximum.
The toothed belts will break if things get too hectic, so I have had no problems on that score. It does need a spare kept on hand just in case.
The current setup does not suit the milling attachment, so I have another motor mounting plate cut out and a DC speed controlled motor waiting to be mounted on it. Since I have a much larger 45 size mill drill, this has not been treated with much urgency.
John