That sounds about the right size and there should be three grub screws. You are right that it is not necessary to remove the pulley to lubricate the motor, but you made it sound that by doing so you are upsetting the balance of a Swiss watch.
I know Classic owners who adjust the pulley height to ensure that the belt runs in the groove cut out of the newer platter to help eliminate belt creep. End users have been changing VPI pulleys for years, whether to install a dual 33/45 pulley, or to change the pulley to compensate for a change in platter dimension.
In any event, the only real consensus is how poorly VPI writes their manuals.
I know Classic owners who adjust the pulley height to ensure that the belt runs in the groove cut out of the newer platter to help eliminate belt creep. End users have been changing VPI pulleys for years, whether to install a dual 33/45 pulley, or to change the pulley to compensate for a change in platter dimension.
In any event, the only real consensus is how poorly VPI writes their manuals.