The spindle ready to be drilled
Still plenty of shaft left
Hole in the top of the belt guard.
Close up showing the drawbar end and 12 belleville washers.
The ER32 collet, drawbar and threaded adapter.
The hole came out within the 0.010" of center. So with the spindle drilled, add a hole drilled in the top of the belt guard, a long piece of 1/4"-20 grade 8 thread all ($5), a cool 1/4" to 3/8" adapter (e-bay $2 for 2) and an ER32 collet holder ($60) and I could now safely apply side force to the spindle without fear of spinning parts flying around the shop.