The Woodmizer debarking accessory I've seen is about the best idea I've seen.
The electric motor is run off of the gas engine, which has been beefed up with a larger rectifier/alternator to run it.
The motor spins a balde that resembles a standard 7.5inch circular saw blade with 18 to 24 "teeth". The similarities end there though. The blade is easily a quarter of an inch thick, solid steel, and the teeth do not have any special carbide tip, just sharpenable steel. The size and weight of the blade give it momentum, and torque.
The motor and blade are mounted to the millhead in such a way, that the blade rips through the bark "ahead" of the band where it is entering the wood. This clears the bark and whatever debris that it holds, so the band doesn't pick it up and drag it through the cut, dulling the band prematurely. The band "exiting" the log throws the bark and its debris, so there is far less need to have a debarker on the exit side.
The motor and blade are mounted on a swingarm of sorts that is spring loaded, to apply tension, and follow the logs curves. Once you have your log squared off, you don't need to engage this device, and it stays out of the way.
My mill guy said he hadn't had a need to sharpen this blade in two years of using it. It clears well, and certainly paid for itself over time by extending the time between sending boxes of blades out for sharpening. He spent the first six months without it, and said it was a easily discernable difference.
For those with CSM's or bands that improvising isn't your strong suit, the log wizard ought to do what you need. Possibly a disposable saw dedicated to it is better than using a apro saw, but that woiuld be up to your budget....
I recall one poster in this thread mentioning peeling, and am curious what he peels an entire log for?