Check the spring that puts tension on the deck belt and see how tight it is. I bet that is your problem.
I experienced a similar problem on my GT275 (3 blade 48" deck) last year after about 14 years/~1400 hours. I wish I had a picture to clarify what I'm talking about, but I'll try my best to explain. There would be a burning smell (burning belt) when I was mowing thick grass; it eventually got worse and the right blade wasn't cutting the grass when under load/torque.
I picked up a new deck belt at the dealer, assuming the current belt was just stretched after a couple seasons of use. After replacing the belt, I still had the same problem.
In the process of removing the deck, I noticed the deck belt tensioner spring had almost no tension in it. I remember several years prior, it had been a lot tighter and harder to pull to release. It had no visual signs of wear/stretch, so I didn't want to replace it. However, I needed to find a way to get it pulled tighter.
I'm not sure about the 42" deck, but on the 48" deck there is a metal hook that is welded to the deck where one end of the spring anchors to. There was a small ~1/4" square hole in the deck roughly 1 inch away from the hook. I used a small nut/bolt/washer I had laying around to act as a new anchor for the spring. With the spring having an extra 1-1.5" of stretch, the tension was a lot better and the blades have been working fine ever since.