2 Pulley Drill Press, 2 Belts?

[Old Navy]

Sorry didn't understand what your trying to say...

 

[Gotcha6]

The Delta DP pictured is/was designed so that every respective step down or up on the pulley set resulted in a similar drive belt length, eliminating constant adjustment of the tension. If it's like other DPs then the drive motor has a strut for belt tension that is released to adjust the belts to another step and then returned to its original position. Two belts put on at the same time would be like having your transmission in 1st and 3rd gear at the same time. Something's gonna break.
Insofar as the alignment, if a straightedge laid across the tops of the two pulleys show they are co-planar, or at the same height, you're good to go.