I've seen the same sort of issue when the key was missing.
Do you ever have slipping?
Last Nova I worked on, the third side of the headstock was a screwed in thin metal cover. Had to remove 2,974 tiny screws to remove that cover. Then there were bolts holding the motor to the rest of the headstock.
The pulley "should" slide off the motor shaft and the key remains wedged in a groove cut in the shaft.
I'd wonder if something in that connection has gone bad. We ran a bandsaw without a key for a year. There was enough friction that the pulley held, but over time, the free spinning of the shaft inside the pulley wore it down till it slipped under pressure.
I relay this, as there was a physical sensation of grabbing when I'd rotate the pulley by hand.
Could be your key has sheared or isn't in the groove. The wrong size key could also be a factor.
Or, I'm totally wrong and its something else entirely
Jim
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"Why is it that I loathe washing dishes, but I absolutely love sitting out here in the shop washing parts with kerosene?"
Roger Welsch, Busted Tractors and Rusty Knuckles