The belt looks like it is indeed on it's way out. I haven't had a chance to replace mine yet, but I have discovered a temporary solution that reduces the specks. First, I made a strip of paper with adhesive backing and put over the roller feed where the paper comes out (but not the rollers) This prevents a large amount of the particles falling on the paper before the ink goes down.
As things got worse with the belt I decided to spray it with Clearjet AFA Fine art aerosol solvent - semi-gloss. Seems to have stopped the particles coming off altogether and has been working fine for about a month. I would have changed the belt but I'm in my busiest part of the printing season and can't risk having something else fail during the replacement process.
However, if it's easier to change the belt then do that. Naturally with the spraying only do the belt - and do this at your own risk.