The bolt is for making a position between horizontal and vertical rigid. You should not have to relocate ‘THE BOLT’. True in order to move from horizontal to vertical, the bolt must be moved.
As recommended, review the sawdust session, especially at the end where Nick shows how to wind the tension spring. I just finished rebuilding a 1960 Magna belt sander that had the same issue. Also if you don’t have a belt sander owners manual and parts list, you should order them from SS. They are very inexpensive and useful.
If I push the toggle in and rotate the cam clockwise, and adjust the tracking knob, as soon as the belt is tight and machine turned on , the cam rotates counter clockwise and the lock lever opens. Slip a belt on the machine and press the lock button on the knob and the tension should rotate the top drum and set tension on the belt. Attached is a PDF of the instruction sticker you can print and attach to your Belt Sander if you do not have one.
A word about the bearing cavities in the side castings. There is a spring clip in the bottom that is installed with the fingers facing the bearing(flat side to the bottom. On the back side of both castings there are two clips on each that serve as sacrificial lambs when the belt tracks too close to either side.
how to adjust shopsmith belt sander Related Question:
How do you adjust a belt sander?
If the belt is shifting toward the side of the sander that the knob is on, then loosen the knob by turning it about half a turn counterclockwise. If the belt is shifting away from the side of the sander that the knob is on, tighten the knob by turning it about half a turn clockwise.
How tight should a sanding belt be?
Most wood sanding applications require a belt tension near 40 psi. Because the goal is to keep the belt from slipping, users sometimes err on the side of using too much belt tension. Several problems can result from excessive belt tension.
How do I get a smooth finish with a belt sander?
Belt sanders excel at the rapid removal of wood, making them the best handheld power tool for leveling and smoothing rough boards. Start at an angle to the grain for aggressive leveling, then finish with the grain. 80-grit is good for starting, then switch to 120-grit.