Someone's nice related blog here (variation on the rc motor based spindle theme - water cooled too!) ...
http://www.buildlog.net/blog/2011/09...outer-spindle/ (he;s linked to all the places he sourced the parts from)
...looks ideal, only weighs 700g & goes upto 30,000rpm!
Want.
(a thread where folks are critiquing his efforts - http://buildlog.net/forum/viewtopic....75172a0b4b516d)