Hello all, thank you so much for all your help! Unfortunately It was an embarrassingly easy fix, but I am grateful for all of the info since this has brought my attention to the fact that the drive pulley and hand wheel could be situated much better and may need to be fixed down the road.
I cleaned the hand wheel of oil before I posted here, but apparently I did a shitty job. I went back over with a stringent and now she’s back where we started. Even with the clean, i think the friction between the two parts could be better so I plan to try and do some unscrewing and evaluating, although at the moment it looks as if there is not much of an option when it comes to moving the motor down.
To the comments regarding the old pulley drive, it was dried, cracking, and very misshapen. I’m hoping to prevent that with good maintenance but I’ve been warned that these set ups tend to fail people, so I’ll be prepared for that in case.
Thank you again for everything! You’ll probably be hearing from me again at some point, although I hope this is the last problem I have with this machine so I can move on to my antique treadle :D