The South Bend set-up involves having the motor mounted to your jack-shaft bracket, not under the table, so it's belt tension remains constant. They also don't use the 2nd cone pulley set between the motor and the jack shaft. Various makers used this same set-up and at most I've seen 2 speed options between the motor and the jack-shaft, and they were not frequently used. They often use the motor's mounting slots to change it's tension, and if you need to shift speeds you just muscle the belt from one step to the other. Your flat belt should be your main speed change. Those three speeds should give you the needed variation between high speed with low torque and low speed with high torque, but if you need more speed options I'd do like others and use a 3 phase motor and VFD drive. A lathe this small don't need much horse power and small HP 3 phase motors are cheap, but a good VFD will deliver consistent power across it's range.
There are other ways to do it, but this is the most common and most proven IMO. Any other mechanical means of speed variation you will need to factor in easily changing tension to change belts, or factor the tension into the length of the belts. That's one place that old flat belts do well with IMO is that they can be set to still transmit a good amount of power without being "taught" and hard to shift. A lot of the old overhead jackshaft lathes had no tension adjustment because the distance between the head stock and the ceiling was enough that the stretch of the belt made it easy to walk from one step to another. The shorter your belt gets, the more tension is required to keep it from slipping and flopping around.
Also keep in mind that not all slipping belts are suspects. If you're taking a heavier cut then the machine is meant to do, your cutter is dull, or you're cutter geometry is off, think of the slipping belt as a safety until you rectify THOSE issues. A 1" flat belt should transmit about 1HP, and most of these little lathes were originally supplied with 1/2HP motors, so consider that with the belt slips.