Yes, as Dave says, I have always found the belt system to be very effective. It is quiet and has the benefit of reducing the motor revs to match the prop revs which helps with battery consumption. It is also easily adjustable as you can mount the motor in such a way as to introduce shims to get the tension just right.
If using O rings then do not put too much tension on the drive. O rings work best if they are kept almost circular. You can also use cassette motor drive bands as an alternative which are more flexible.
Colin