Crank V-Pulley refurbishment possible?

I also have a problem with rusty Yanmar pulleys and black dust from the belt.
Has anyone used belt dressing? it would seem to provide more grip from the belt and possibly a protective layer on the pulley to reduce rusting.
Belt dressing
 
With VP pulleys I had great success with simple wax oil periodically. It drys . A light debridement with abrasive paper of your choice is recommended.

No need to remove it, fart about with machine shops etc .
 
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