I wonder if you have a problem further down in the reduction gearing? Maybe a bad bearing allowing the VS pulley to tilt, or something. That heat has to come from something that is fighting back and doesn't want to be turned by the pulley.
How does the angle of the belt match up with the pulley angle? It is a corrugated VS belt, I assume, not a timing belt, nor a timing pulley.
What about the brake? Is there a brake on that one that is out of adjustment?
First you get good, then you get fast. Then grouchiness sets in.
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)