That controller is very similar to the one that Surplus Center sells. I used it on my X2 spindle as a replacement. Works very well.photomankc Found this in case it's useful to anyone later. It's the motor controller used in the PM-25.
http://www.kbelectronics.com/data_sh...data_sheet.pdf
Looks I'm not getting but a few millivolts at the A+ A- connections from the driver board. :/
I also have no pin in the spindle nor is there any visible hole in there where one should be.
As for the spindle key. Mine does have it. Like Hoss said its way up in there. All the years I've been in the industry, Ive always taken out the spindle key because it makes it easier for a power draw bar. Never had a tool slip once.
Now I will probably leave this one in, only because I'm going to use TTS tooling and it doesn't really matter once you have the TTS collet in.