Just finished up a career as an engineer around lots of conveying equpment. That shaft extension looks like big trouble. The cyclic fatigue loads on the end of the crank will be very high. Of course this would not be the first time I have been proven wrong ;o) . Here is a photo of the installation on the second alternator I did on our Yanmar 4JH a few years ago. The large drive sheave nested over the outside of the engine sheave to minimize the overhang. Went with a single belt on the 100a alternator and it works fine. Having the almost 180° wrap plays a big part in preventing belt slip.