The earliest mention of the term "pulley shoes" that a Google Books search turns up is from an explanatory footnote in Thomas Forester's 1854 translation of Ordericus Vitalis, The Ecclesiastical History of England and Normandy, volume 2 [Book 8, Chapter 10] (original text published in Latin by the year 1143). Here is Forester's translated text from Ordericus Vitalis that prompts the footnote:
This count [Fulk of Anjou, circa 1090] was very blameable, and even infamous in many parts of his conduct, and abandoned himself to all sorts of vices. His feet being deformed, he had shoes made of an unusual length, and very sharp at the toes, so that they might conceal the excrescences, commonly called bunnions, which caused his feet to be so ill-shaped. This new fashion became common throughout the west, and wonderfully pleased light-minded persons, and the lovers of novelty. In consequence, the shoemakers, in making shoes, shape them like scorpions' tails, vulgarly called pigaces,1 a fashion which almost all the world, both rich and poor, are wonderfully taken with, while in former times, shoes with round toes, fitted to the form, were in common use both by rich and poor, clergy and laity. But now men of the world sought in their pride fashions of dress which accorded with their perverse habits ; and what formerly honourable persons thought a mark of disgrace, and rejected as infamous, the men of this age find to be sweet as honey to their taste, and parade on their persons as a special distinction.
And here is the footnote itself from Forester, published in 1854:
1 Pigaceas ; Ordericus appears to have Latinized a Norman-French term of the day, not now to be found in any vocabulary. The curious account of the fashions of the age supplied by our author shows that nothing escaped his observation, recluse as he was. That of the long-peaked shoes, with the toes trussed and fastened upwards, souliers à la poulaine, pulley shoes, as the French called them, flourished for three centuries, and was not given up till it was severely denounced by kings and popes.
So, according to Forester, Ordericus Vitalus created pigaceas as a learned neologism, a quasi-Latin form of "a Norman-French term of the day, not now to be found in any vocabulary." Forester then explicitly equates this style of shoe with the shoe identified by the contemporaneous (in the 1140s) French term souliers à la poulaine, which Forester translates as "pulley shoes." Presumably the "pulley" aspect of the expression derives from the trussing and fastening upwards of the Pinocchio toes on shoes of this type, the better to permit actual walking and even running.
As a side note, I must say that I find it strangely comforting that Western culture didn't begin its descent into decadence until the very late eleventh century, according to Ordericus Vitalus, before which time honorable people wore sensible shoes and censured fashions of dress that accorded with their wearers' perverse habits. With what nostalgic regret his readers must have thought back to the Golden Age of circa 1080, when Ordericus Vitalus was but an innocent lad and society hadn't yet gone to pot.