Dunno what you have for docs, but I found this at archive.org:
http://wpnet.us/Excello602manual.pdf it includes some spindle exploded
diagrams.

different from the doc I have. this is for the manual machine, mine is
CNC, but it looks very similar.

It has pretty good maintenance instructions. On page 9, it just says,
"remove drawbar from machine"

That gives me confidence its just stuck,bent, or something. I'll put
it in the shop press tommorrow. Its soaking in Kroil all night.

Karl