@Berni,
It depends on the speed controller. Advances in modern semiconductors make it viable to sense load current by tapping a small fraction of the MOSFET drain current and a variable speed trigger switch may have advanced features like closed loop speed control (by back-EMF sensing during the PWM off time) and stall protection, tripping on a sudden drop in speed and increase in current, or by sustained overload, reset by releasing the trigger.
The *OTHER* issue is that using a drill to power a belt sander will need some serious engineering to avoid the side load on the drill's output shaft FUBARing its bearing and taking out its planetary reduction gear. You'd need a flexible coupling between the drill and the drive roller, which would need bearings either side of it.
IMHO its going to be a lot easier to start with an appropriate gearmotor that has a gearbox rated for the side loads involved with driving pullies or sprockets.
@Whales,
(1) is true. If the voltage is low enough it may even survive.
(2) Your equation is the limiting case of totally stalled. See your case (1)
However assuming the motor is still turning at a significant fraction of the desired speed, the current is likely to be similar to the full voltage case, as there will be a tendency for the operator to increase the voltage to maintain the desired speed when loaded, so the motor is already running hotter than usual, because the current is about the same, but the cooling has reduced at least linearly with the speed reduction.