Got the belt and the tray working. So here is my impressions after a quick test, take them with a grain of salt or however you like. Downstream of the CDP/DAC my system is Adcom GFP-565->Yamaha-MX600U->JBL L100 Centuries. Compared against a Arcam rDac and Centrance DACMini CX, both were well reviewed units at the time but at this point they are already a couple of generations behind but probably still hold up well against current mid-fi gear. I used a cheapo Toslink cable the only one I had. I thought the CDC-745 held up pretty well considering its age. Both of the above external DACs were slightly more resolving with more detail pop and overall sounded a tad fuller, but I could definitely live with the sound from the Yamaha as well. I came across some discussions about op-amp rolling in these changers, if you have the skills that may be another avenue to pursue.
Another discovery was that years in garage storage took its toll, I couldn't finish a single song as the thing now skips like crazy. I remember it being picky with certain CDs before it was decomissioned, but not as bad if memory serves.