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Well, I finally got a "fix" kludged up!
No amount of force would allow removal of that inner shaft pulley half, so I just mounted a 4" standard one on the exposed shaft. Had to fashion a circular shim between the 24 mm shaft and the 1" pulley opening. On the motor shaft, had to ream out the 5/8" pulley (which I had) to fit on the 16 mm shaft. Terrible looking and one speed of course, but it works! I calculate a speed of 850-900 rpm, which should be fine for any minimal turning I might do. Total investment (not including time spent) - $13.00 for the new pulley.
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Location: Irving, Tx
Congratulations. "Southern engineering" wins again.
"I tried being reasonable..........I didn't like it." Clint Eastwood
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If you do choose to do something 'better' you have the prototype. As I said above, I have an Asian Delta drill press. It had the common 5 speed stepped pulley setup. My biggest complaint was not being able to run slow enough. I bought a new 3 phase 1/2 h.p. motor and TECO Westinghouse VFD as a pair for I think around $200. If I were comfortable programming VFDs I could have looked for used 3 phase motors and gotten a VFD off Ebay. At the time I had more $$ than confidence but it wasn't hard.