I don't have any additional advice for you, but that thing is amazing! I might be wrong but it looks homemade. I do not understand why whoever made/manufactured it didn't just have the PTO shaft fit directly onto the gearbox? The belt, pulleys etc seem redundant to me unless it was needed to increase blade speed over what the gearbox could provide. I guess it also serves as a sort of slip clutch.
Does the mower-end pto shaft have a different spline count than a standard pto shaft? You can get this sort of thing from various suppliers:
FARMEX/SPEECO 16061000 PTO SPLINE ADAPTER 1-3/8" x 3-7/8"
I would also agree that the bungee cord might not be sufficient as a spring tensioner. You can get springs of assorted lengths and tension at any Lowes, etc.
I'd also have to say that that thing looks past its useful lifespan and maybe even a little hazardous. How much money and/or risk are you willing to invest in it?
At the very least I'd have all bystanders get way way away from it.