Hmm..you've got me thinking. Maybe a bit of background would be a good idea, maybe I'm trying to overcomplicate things.
I bought the machine from work. The original motor (for vari-speed pulleys) had killed its bearings, fretted the shaft, and chewed up the windings. We were quoted £750+VAT to have it repaired, at which point they decided to scrap it instead. Not being able to afford the £750 myself, but not going to pass on an otherwise good machine, I've opted to replace the vari-speed with an equivliant of an earlier stepped pulley version of the bridgeport, and drive it with a 3-phase variable speed motor and drive.
To that end, I've worked out that in order to use a good frequenzy and speed range on the motor, and still have power and torque at the tool, I should fit a 3-step pulley drive using 1:1 and 2.8:1 and 1:2.8 drives. I originally calculated a 5mm pitch x 15mm timing belt would handle the power, but being unable to source pulleys that I wanted, I've swapped to A section v belt instead. This came with its own problems in that the motor spindle isn't long enough for 3 pulleys with taperlock bushes, but I've overcome that with a plan to machine my own pulleys. Being a CNC turner by trade that will present no problems.
From what you say, I'd be better off just mounting the proximity switch on one of the pulleys up top, where its easy to get at too, and setting up 3 pulleys in Mach for Hi range and 3 for Lo range?