There are two types of teeth on the flywheel - 122 tooth and 149 tooth. An O-320 is at the top end of engines which can use the 122 tooth flywheel, but it seems fairly rare that people do so. I believe the 149 tooth is also somewhat larger in diameter, meaning your starter doesn't have to work as hard.
Check your current flywheel - if you go with a different number of teeth, you will also have to change your starter (or at least change the gear, if that is possible on your model).
On the other hand, I have a spare Skytec starter for a 122 tooth flywheel for less than a new one...
As for the belt, that decision may change the total depth of the flywheel and thus move your prop out or in - but I'm not certain of that.
Good luck!