Thanks for the tip, Rashid! I'd try it, but... the housing around the wheel doesn't have enough room for duct tape! It's not a great design, that way.
(Heck, it didn't have room for the 40-grit belt, either. I fixed that by doing something similar to your advice, but with thin masking tape, and the 80-grit belt. Kept building it up in one spot, then running the 80-grit to remove a little off the inside of the housing, lather, rinse repeat. Took about a half hour, but the 40-grit belt fits now. Barely!)
The Sears 2x42 runs damn fast, too; I'm thinking of getting a SunRay wheel in a smaller diameter, to slow things down a bit, and avoid that clearance problem.