This is why I love my husband...
With one non-shredded belt, five hours later we now have a working treadmill. He likened the work to this: "It was like having to take apart a car engine to fill it with gas. Seriously, the only thing left for me to take apart would have been the wires to the motor." So yeah, I have a keeper.
Now off to actually use that thing! It actually made its way into the craft room so I am sure it will guilt me into using it every time I'm in there.
And... my craft room was painted this weekend. Thank you my sweet sweet man!