Been there and tried that...
When the ST4000+ started slipping and disengaging I took it apart and tried to see if I could adjust it. From what I remember, with plastic parts, drift pins, and the small range of adjustment needed, I chose not to adjust it and replaced the belt. This solved my problems. The belt was by no means cheap, but what are you going to. I shopped around and at least found it locally and cheaper than at Ray Marine. With all the ST4000+ on boats you should be able to find other places that stock them.