Implementation seems like it would be relatively straightforward:
- in the data phase, create a set of linked-belts that have graphics copied from transport and underground belts, when mined they yield the original belt items (ie. the new linked-belts behave as if they were the original kind of belt).
- in the control phase, when a connection between belt 1 and belt 2 is identified, fast replace belt 1 and belt 2 with the new linked-belts
- link the new linked-belts with each other
- ...?
- profit?
As far as I can tell, you can probably rotate the linked-belts as if they were regular underground belts, so Factorissimo doesn't need to be able to rotate the belts, and there's no point in adjusting update speed either.