MadMango,
The reason I suggested this method was due to sdb999's statement 'Same part number but infinite iterations.'
This implies LOTS of variations on a single belt. Plus, belt variations are usually not just a change in dimensions. Instead, belt configurations consist of different paths with varying numbers of pulleys, pulley sizes, and pulley locations. Some belts are even twisted along their route (although rare with timing belts).
Thus, each different configuration would probably need a different sweep path, something that is not easy (if even possible?) in SWX. Even if a different path could be accomplished, the number of paths and features and configurations possible just seems like too much for configurations to me.
In short, I just believe the configuration route for flexible components like belts is just too much work to be worth it.
Tick's idea of a solid block that is cut away at the assembly level does not sound like a bad idea to me. But, I still think I prefer my first suggestion.