Hey bud,
I have the same question. I did turn some "collet inserts" for 1/8" and 3/8" endmills. I would love some type of chuck when you want to use drill bits, etc.
As for speed control, mine has it on the router. I assume your asking it to be controlled from the software? I did order the Relay board just a few min. ago to switch stuff on and off http://www.cnc4pc.com/index.htm
I plan to connect at least the router to it.
taus