I'm not following what you're saying about modifying the spindle mount. It seems that a conventional mount for the spindle should work just fine for what you're talking about doing. The main problem you're going to have is vibration on those long and thin pieces of wood as you're cutting them; I imagine it would be quite severe toward the middle of the piece. Cutting one edge at a time with the parts clamped securely to the table would likely be more effective than suspending them by the ends in a 4th axis assembly.
If you decide to go ahead with the 4th axis, one thing you might consider is a gap in the table, so that the center-line of the 4th axis would be at table height. That would allow you to accomodate a piece that's larger in diameter than the height of your spindle. The lower you can keep that, the more rigid your machine will be.