Thank you everyone for the feedback.
The "Power-Twist" is the recommended replacement in the Grizzly lathe owner's manual, otherwise I would have asked about link-belts in general.
The question about reversing is a good one. It didn't occur to me until now that link-belts have a forward bias.
I might be able to infer, from the recommendation in the lathe owner's manual, that some link-belts are fine in reverse.
Now that you mention the permanent set in the v-belt, that's also happened to the belts on my lathe, too. I forgot to mention it before. Not aware of it affecting the speed or making noise, but it's a sign of belt wear and tear.