All
The 5/26 does have a forward and reverse gearbox but the variable speed pulley is completely separate to this and is as follows. From the Victa lawn tractor series 0, Model 2/26 manual, page 24, item 45, Part number TM60209A (variable speed pulley assembly) and Part number TM60228A (pulley and bracket assembly. Page 22 describes the pulley (in part) as follows-
Note-if mower fails to respond to speed control lever it is possible that the variable speed pulley is seized. Apply a few drops of light oil to each side of the assembly to loosen. (goes on from here re not getting lube on belts etc)
In short I have had this pulley apart, lubricated the bronze bush in the center that the inner pulley halves spin on, reassembled and still have this random lack of power.