I'll make some measurements on my mill tomorrow, and let you know.
I've done a bunch of measurin and cypherin myself.
Assuming the belt plane of the two pulleys is parallel to the motor mounting surface, the top of the motor pulley should ideally be 11/16 below the top of the motor mounting surface because that's where the spindle pulley is. If the motor could be mounted on that surface like the old one was, then I would have 2" minus 11/16 = 1-5/16 of shaft in the pulley and the Allen keys end up at 5/16" from the end of the shaft. Plenty.
However, it can't be mounted flush because all the motors I have found have a diameter that is too small. With a 1/4" adapter plate between the motor and the top of the housing, I end up with 1-1/16" of shaft in the pulley and the two lock keys (which are in the second groove) end up just over 1/16" from the end of the shaft. NFG.
So, I am thinking I could buy 1/16th of an inch by offsetting the pulleys a smidge, and then buy another eighth of an inch on top of that by recessing the plate to get the motor an eighth of an inch closer to the mounting flange surface. I don't have the time or the desire to do a full blown stress analysis of such a plate but I think it's safe to assume that a steel version would be plenty strong enough at 1/8 inch especially since that's only in the center where the motor is and the motor will be attached to it in four places all with big washers to spread the load. I think it's also pretty safe because the vast majority of the load will be a torque load with very little bending load.
All told, that would get me 3/16 of an inch more shaft inside the pulley and a full quarter inch between the Allen key screws and the end of the shaft.
I'll prolly rough cut the adapter plate with a cutting torch and then recess it for the motor on my lathe.
The alternative is to drill and tap new Allen key holes in the first groove of the pulley.
I may do both or as mentioned earlier, perhaps even use 4 Allen keys on the one 4-groove pulley.