Guys: Here is my experience:
-Rubber won't work
-Teflon won't stay flat
Graphite coated cloth won't stay flat either.
-Hardened steel is more difficult to set up and maintain and bows when heated.
Glass works best-good cyanoacrylate works fine for putting it on.
As to belt breakage- You should adjust your platen so that it protrudes ONLY SLIGHTLY beyond the face of your wheels.
Use a straightedge and be sure nothing moves when you tighten the bolts. Radius the top edge, and, you're set. I've never ruined a belt or had one break when using the platen. You don't need to crank down on the tension excessively, either. And, 4000SFM should be fine for speed.
Now, as for hogging, you should never hog on the platen! If you're tapering tangs, remove 90% of the material with your contact wheel, leaving just the perimeter to be flat ground. This will take about 20 seconds per side to accomplish, and, you don't need to push hard. If you push hard, you'll flex the tang, and, it won't come out flat anyway, no matter how flat your platen is!
For roughing work, just use the angle iron platen.
Buy a spare platen attachment, and set it up with glass. Use it to finish your tangs after HT. Always use fresh, sharp belts for finishing, or, again, you won't get a flat tang.
Trust me, it's not rocket science. Been there, done that, and, this is the simplest, best way to go.
RJ Martin