Toying with trying out kevlar fishing line instead of timing belt. The PrintrBot Simple (Wood) seemed to have good results with it. It would be easier to source locally than timing belts, noched pulley, etc.. If it didn't work it wouldn't be a huge investment lost.
May start some videos of the process.
I've had a Printrbot Simple wood model with the kevlar line and dremel sanding wheel inserts for the pulleys running for a couple years now - haven't even had to retension the line unless I was pulling something apart for upgrades. I don't know if it would do as well with the forces involved with CNC routing, but it should be just fine for wire cutting foam.