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I would suspect you would throw the belt off quite often. It also presents the problem of not being able to bump-start if needing to be running again. Which can wear on the battery, unless you've done like me and put a proper starting battery in.
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No problem is apparent with this coasting technique. I've done it occasionally over several thousand miles. Even pulled the cover immediately afterwards the first time to check for point belt wear. Nothing. I regard the technique as harmless. You can also restart the engine without stressing anything below 20 mph. "Bump start" is not possible. I have not tried to start the engine at speed.
But due to the drag, there is little opportunity to receive a mileage gain except on long, steep runs.
Also, it is not possible to "throw the belt." You would have to break it.