A belt drive without an additional tensioner is about 98% efficient and chain drive is around 90-91% efficient, so it looks like the belt is a good choice until you come to the "constant" tension required for the proper operation of the belt. I have, as I will bet Stainless has also, many sketches and drawings of possible ways to have suspension and a belt drive and after all of the consideration and thinking we still are using a chain. Remember if you use a belt and mount the drive pulley to the engine/tranny output shaft (assuming you are running a motorcycle engine) you have to build some sort of outboard support bearing for the output shaft as the required belt tension will kill the output shaft bearing. If you do not run any suspension then a belt is pretty simple but with the present day salt conditions I think suspension is a requirement.
If you go with a chain use a good drag racing chain that is not O ringed, much less friction if you keep it properly lubed.
Rex