Just a thought here based on the "clang clang clang" and the movement of the V belt that you describe:
This to me sounds as though the starter solenoid is kicking the pinion drive out, making main contact, but is then immediately taking itself back out of the loop.
This extra terminal on the solenoid (if so equipped) is a carry over from the automotive side, I believe.
This was intended to supply full current for the ignition side only during cranking only.... a very light load, I might add!
The last thing to occur within the starter motor solenoid, is the main contact closure!
(this is accomplished via a solenoid field winding!)
The contact closure does two things when the "R" or "I" terminal is being used.
It contacts the large load for the armature...... and excites the "R" or "I" terminal for a light ignition load!
Point being......, if you are trying to excite a fuel pump with this (start by-pass mode), and are not using it to trigger a seperate relay, the load may..... I say
MAY be too much on this terminal!
So the question for me would be........ I wonder if the load could be taking the solenoid back out of the loop, so to speak, the moment that the "R" or "I" load is realized.
This may explain the clang clang clang..... and jump jump jump that you are seeing at the V belt.
the power steering belt and alternator belt were moving about 1/2" at every clang.
If you can make it do this each and every time, this tells me that the starter motor
is engaging momentarily...... but in sort of a perpetual
"I want to engage.... now I don't want to remain engaged", sort of thing.
This would be very similar to a dead battery clicking sound.
The reason that it clicks with a dead battery, is because once the contacts close, the current demand pulls enough power that the solenoid winding is forced to drop out of the loop.... and the contacts break open! The cycle repeats itself!
The difference in YOUR scenario, may be that there IS enough power to bump the engine over until the magnetic winding becomes too weak due to the additional "R" or "I" terminal load!
I may be way off base here.... but I sure hope it gives you something to consider.
I'd disconnect the fuel pump lead from the "R" or "I" terminal, and see what happens!
If this solves the issue, then you'd best install a relay for the fuel pump for the "Start By-Pass" mode.
(this places a much smaller load on the "R"or "I" terminal)
Once running, the oil pressure switch takes care of the fuel pump power.
The oil pressure switch can also trigger the realy if you want it to!
Two birds.... one stone!
PS, don't be surprised at the volt meter reading during cranking..... it's pretty normal to see a drop here.
It's also why the auto manufacturers came up with the start by-pass originally..... and some marine systems incorporate this as well.