I'm sorry to see that you're still smarting from that "bashing" Al, I remember some discussion about the same subject awhile ago, although I'm not sure if it was your post that I recall.
I guess the critical clearance is that between the two pulleys and the frame, then the clearance between the belt and the tire. Another consideration is the method of maintaining belt tension over bumps, you'd probably need to fit a belt tensioner to prevent the "teeth" of the belt from damage.
These are all critical considerations, and I suspect that is why someone hasn't already done it. Nonetheless, if someone is building a "ground up" special, be it a chop or a racer with a frame suitable for belt drive, I've no doubt that a belt could handle the power output, even from a race engine. Cheers, Terry.