New or used. You can get better performance over the life of the belt by checking as the belt wears. There is a huge difference when your stuck in the deep between a .020 set up belt to sheave and a .070 belt to sheave.
i got curious last night after reading this topic and went into the shop with my digital caliper. i'm changing my primary this year after realizing it was totally worn out before the end of last season.
new belt was 1.399 wide
belt on sled was 1.377
when i saw this i immediately thought of using the adjustment to maintain proper clearance even with a worn belt (like you mention above). very cool.
couldn't get my caliper into the clutch, but on the old one, with the old belt, there looks to be about 1/8" between the sheave and belt!!! looks like i could have used this thing long ago.
i then took my new clutch, opened it up all the way and pulled my new belt in there nice and tight. didn't have my feeler gauge, but gap looks correct. i definitely want to keep it that way, and keep my new clutch in good shape, so i came back inside and placed my order. can't wait to be putting power to the ground a lot more efficiently!