Well, if I understood your description correctly, I think a setup like that would have quite the same characteristics as my initial iteration, which I believe has several drawbacks (at least from my point of view, and how I'm using the contraption).
Some of these drawbacks would be; 1) friction and heat build up (which to an extent can be mitigated by increasing the angle you run the belt across, but at the cost of decreasing functionality), 2) more cumbersome to change from left to right grinding action, and 3) running belt over a corner without rollers/bearings will increase the risk of breaking belts.
After further testing I find that the new design addresses all these drawbacks and I'm still happy with it. Next step is to tidy it up and get rid of the all thread rod, which I only used for prototyping. The protruding nuts will need to be flush so they don't interfere with the use of a work rest, for example.