Rob -
I'll give you some tips on what I would have done with your washer "back in the day" and what I'd do now. I have a very similar 1976 machine that I may take the exact same approach with.
Here is some background:
The heyday of black panel belt-drive used washers was probably in the early to mid 1990s. Supply was plentiful after Sears produced them for 11 years. Output was at record levels in the mid 1980s. The then current Kenmore and Whirlpool DD washers still had black control panels, so the belt-drives, though old-school mechanically, were comparable and very easy to sell used. I sold nearly every one of these machines that I could get my hands on, and out of 50-60 machines, probably 3/4 of them were black panel models. I would have been thrilled to have yours because it being a 1977 product would have the taller centerpost, which goes a long way to avoiding flooded bearings and transmissions. I did not appreciate the short centerposts of 1978 and later at that point yet.
To get your machine up to saleable par in 1995, I would put it though a refurb process that applied to every machine (I never wanted to hear about my machines once they went back into the field unless it was from a customer wanting another or wanting to refer me to a friend). I replaced some stuff that didn't always need immediate replacement, so that they would not fail 6-months or two years later, and so I had piece of mind. Each machine got new tub seals (tub outlet hose, centerpost gasket, and tub mounting bolt seals), the centerpost seals were replaced, a new pump was installed unless the one on the machine was clearly new-ish. A new belt was always installed again unless it was already new looking.
THEN, after that was done, I'd tackle anything else wrong with it. The pump and seals often solved the machine's problem, and I found plenty that were just beginning to leak. Not too much would be left after that, but timer issues were common. The newer machines were not plagued with issues that had been common with the older 60s machines (failed belts and worn bearings).
I have learned that it is not always prudent to follow this same course of action today on the same machines. In many cases, after years of parts running in the same places, they literally wear themselves into grooves that become difficult to separate. At the same time, worn motors and centerposts can create a tremendous racket when disturbed and put back together. Internal bearings in motors get worn, and when tightening new belts on them, they send vibration all over the machine, which gets amplified by slight wear gaps in the centerpost. The result is a noisy machine that only quiets down after it washes a load or two. NOT fun.
Tubs also can get stuck or rusted into place, and can be difficult to remove. I have the scars on my left hand to proove it from the 1982 model's tub which let-go after being so tightly stuck that I literally picked the machine up off the floor by it's tub at one point. It let go, and my hand slammed into the left rear corner gusset. OUCH!
So, I would not mess with anything on your machine unless you are going to do a total and complete rebuild - bearings, seals, possible motor, etc. Instead, I would address that which I know is bad or going bad.
You say you need a belt. That's fine - keep in mind that changing the belt can make the centerpost noisy when you tighten everything back down, AND you can irriate the motor as I said above. There is no way to avoid this unless you change the belt without loosening the transmission. This is difficult for someone at the beginning of the learning curve, especially on a fast-brake, post 1971 machine.
If you have a slow-drain condition, or a timer concern, that is straight-forward and easy and I wouldn't hesitate. I am NOT saying that any of these bad things WILL happen to your machine, as it may come out beautifully, but the chance is there.
What besides the belt concerns you with your machine?
Gordon
[this post was last edited: 10/11/2010-15:00]