If the price is right, buy it - most baggers are universal anyway. The only thing is if it didnt originally come with a bagger, a tab might have to be placed on the deck front, to hold the tube on - ask to look at his deck to see the mounting points....
John Deere is not the company they used to be. I doubt they have a tensioner and if there is it has little, little adjustment. If the belt keeps breaking clean you better bring it in for some warranty work. If it shreds everytime your working it too ...
There were in fact some John Deere tractors that were painted red but they were generally only for special industrial orders in the 1960's.