Belting is easy to cut with a good razor knife. Just place the middle of the cut line over a piece of 2x4 clamped in the vise so the rubber will spread as the cut is made. Don't worry about cutting a radius on the corners, just form it with the bench grinder for outside radii, for inside raddi use the angle grinder. To drill bolt holes use the size drill bit needed, then grind down a spare bolt so it has a long taper. With it held by the head with vise grips heat it up with a propane or O/A torch and push it through the drilled hole and quickly remove it. Be sure to have leather gloves on because when it goes through the flame will flash back toward you're hand. I guess I don't need to warn there will large quantities of black smoke resulting from this, LOL!!
Mike