How does that 2.9" center distance compare with the diameters of the motor and the device to be powered? Will they touch each other?
Is there room to adjust the belt as they are not an exact circumference. It sounds very tight to me and I am not sure you will find a belt small enough that will transmit 1/2hp. Usually belts that small are cross-section-rated for fractional HP.
The 8,000rpm is not really belt-territory.
Have you considered gears as the motor should be reversible?
What about chain?
If you want to stay with a belt then the manufacturers will be in a better position to advise you on HP ratings and minimum diameters.