I'll reply to the rest when you've done a drawing...
Well I've had a look at the design and tewaked it a bit. Will probably do a MK2 spindle using this method or I might tweak this one I've already machined. this one is only really going to be cutting up to 6mm balsa and 3mm ply so I can't imagine the forces as being huge. I might stretch to some delrin/acetal and even try some Ali for a laugh

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This shows the top collet (but I haven't bothered showing the grub screws) on the 8mm shaft which is pre-loading theinner races against the bottom collet. I'm guessing I could get away with not securing the bottom collet (locktite) as it will be trapped between the bottom bearing inner housing and the ER16 collet.

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This shows the assembled unit (minus the bolts but we all know what they look like!!)

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The bearings in the above are not spaced the correct distance, they will be a further 10mm apart so I can get some Bellville washers in between.

This design has the inner races locked to the 8mm shaft and the outer races are constrained by the endcaps...............comments?