I have made two conveyor belt air dams (2005 Tacoma, 1994 Suburban) both work well and have stood up over time. I could see conveyor belting being very useful as a belly pan material between the frame and rockers, to allow for some flex.
I personally rather enjoy my air dams, they add a handling bonus that is noticeable. I sized mine at the point of the lowest obstruction under the truck (excluding the rear chunk) so I don't think I have increased my effective area. I have noticed a slight drag reduction at this height. I also drop mine lower near the sides, to act as a sort of tire spat.
My generic comments on belly pans is to not enclose the exhaust or you will create an oven. I also don't know about belting very close to the exhaust.
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