I'm sure they can break from age, but do they?
Welcome down the rabbit hole known as a Valkyrie Owner. It's a great trip.

I can't remember of any report of the belts breaking and I've been on this board over 20 years. Maybe happened and my memory is flawed, but it is not a common failure, but if it happens, you might as well buy a different engine. Luckily, they're usually available.
Belts can be had from NAPA, #250275, Gates also use to make them #275.
Check out this page.
https://www.jkozloski.com/generic_parts.htm Do a de-smog and forget about those hoses. You'll only will need the #6 carb to OEM petcock, if you keep the OEM petcock
https://www.valkyrieriders.com/shoptalk/desmog.htmOr replace them, all of them.
The suspension is something I would wait till I had a couple of hundred miles done before changing. Check the rubber bolt grommets for condition.
These bikes are awesome machines, but you either need to be mechanically inclined or know some one that is and give them money.

Get on her and ride, that's the best thing you can do.
After you check the tires really close.
