Hi George,
What about a drill press spindle assembly? Seems like you could even purchase as replacement parts (probably already assembled) and go from there. Some of the really small 5 speed DPs go for as little as $80 for the whole thing. Seems like you should be able to get a spindle and quill assembly for a lot less. If you are looking to find out what they look like inside here is a link to a parts diagram:
http://images.grizzly.com/grizzlycom...s/G7943pl.pdf?
Hope this helps,
Doug


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