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That looks like a good way to approximate the setup I'm using and for a fraction the cost. That said, I wouldn't give up my spindle sander or drill press for anything.

Here's what I'm using:
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I do all of my work on three pieces of equipment: a table saw, drill press, and spindle sander (at least now that I've killed both of my 4x36s). Everything else is done by hand. Soon I'll be getting...