Since you are doing dedicated wood cutting, how about building a companion spindle mount for a Porter Cable 892 router motor? More power, and with speed control built in to keep rpm constant, plus it is relatively cheap.
Others have done similar things:
http://www.cnczone.com/forums/tormac...n-spindle.html
http://www.cnczone.com/forums/tormac...ml#post1625824