Building a monster, need help finding a motor.

[ghyman]

Our sister company has an old fixture on a knee mill, and I am trying to re-design it a little better than it currently is.
At the heart of it is a pair of rubber-tipped wheels that pull a part made from .020" sheet stock past an endmill.
The drive motor currently being used is a $49.95 harbor freight special, and it is not quite up to the task.
I would like to replace the motor (among other things) with something having a little more rigidity and control.
Ideally, this motor would be 120VAC, appx 1/2-3/4 hp, and would give me something along the lines of 5-10 IPM at the wheel (appx 20-25 RPM), would have a variable speed control, and (ideally) have the ability to run forward or reverse.
I would like to avoid a lot of reduction gearing (well, I would like to avoid ALL gearing!)
What comes to mind is an axis feed motor from a bridgeport, but I do not know all the technical 'stuff' with those.

The wheels' diameters are 1.760±.002"; a picture of the current fixture is attached. The motor currently in use is just below the edge of the picture, at the other end of the chain. The enmill shown is Ø.500", just to put it into perspective. Any assistance in this would be greatly appreciated.

Thanks in advance.

[ghyman]

Better picture...