Boring out pulley

I'm putting a new motor on my lathe that has a bigger shaft than the old pulley. I'm planning on boring out the old pulley (another 1/8"), but I want to make sure that this is not a Bad Idea before I do. Is it OK?

Considerations so far: there is plenty of meat in the old (cast iron) pulley; the keyway will be reduced to 1/16" deep, but that should be enough (?).

Thanks, Bob

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Bob Engelhardt
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