I'll give it a shot at the lowest speed and see what happens.

Or slower! See

http://www.frugalmachinist.com/jackshaft.html
http://home.comcast.net/~glyford/js/js.htm
http://www.gizmology.net/pulleysbelts.htm
http://www.geocities.com/Eureka/Acco...rillPress.html
http://www.green-trust.org/junkyardp...cerSMHWH61.pdf
(the last two may need to be pasted onto one line)

If you're going to be drilling this size hole a lot, it'll be a big
help.

I need to cut some slots into the angle also

Depending on how long you need, you can get half decent slots using
a 4-1/2" grinder, again drilling holes at each end and cleaning
up with a file. HF has these grinders cheap, google on this
group to get the model number of the "good" one.

--Glenn Lyford