I finally got the two pulleys, the engine and blade brake pulleys, and installed them.
This was for the second identical mower, with the same problem, not the original mower, for which this post originated.
Ran the mower for 40 minutes, with the blades unengaged, and not a peep. The blades never turned. Engaged and disengaged the blades several times during the 40 minutes and everything worked perfectly.
It required removing the motor, wasn't a fun job, but the $100 spent for parts was worth repairing a mower which currently costs $1500.
Thanks for the great observations! It was indeed a case of worn pulleys.