Very interesting approach! I have no concerns about the belt drive system. But are the worm and worm wheel back-drivable? I.e., can the wheels turn the motor? If not, perhaps you should consider substituting shorter motors like a dual-shaft Pittman 9432, with flywheels on top.
Williams used can motors oriented like yours in their early O gauge offerings. Self-locking worm gears and NO flywheels. The unfortunate result: a sudden loss of power and/or ham-handed use of the 'DIR' control on the transformer made for a bone-jarring stop! At least in your case the loco doesn't have rubber tires, which IMO are an anathema. But with that much weight it would make for a lurid skid!!