Has this gotten any more attention?
I have a similar problem where the pulleys involved in a smooth (round) belt is moving.
In my case the belt is constant length but will distribute itself differently on multiple pulleys. (Similar to the xy-principle above.)
So far my solution has been to add a component into the pulley and idler component that implements a sketch with an arch that is jointed to the pulley/idlers correct working center and is rotated such that any fixed brackets have the 90 degree arch segment oriented as the centerline the cable/belt would take. For free placed idlers they are jointed with correct rotation to make this arch pass the belt direction on to correct orientation.
A Sketch is then made in a "belt component" that includes the 3d geometry of these arc's and connects them with line segments coincident to the endpoints of the arc's. Finally a sketch is made on the originating surface of the belt to draw the profile. This profile is then swept along the path created by the first sketch and a belt-path is visualized correctly.
Before the "belt component" in the timeline a capture position is done to have a point to later edit for moving the carriages in the design. This allows recalculation of the sketches and subsequent update of the sweep for the path.
It's slow but works.
It does not however allow operating joints and having the belt path visually change live. It should have been possible as the path is very fixed but the order of features in the timeline prevents this.
Hope this can help others to spend less time drawing belt paths.