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Can I chuck my two pence worth in
200w will be more than adducate Can these motors be speed controlled ?
The two points that are of concern is cooling and the off load speed
It looks to have a lot of potential ( pun intended )
I go for a ARC spindle with suitable collet system you won't need many because you will wish you had
Bearings do they do magneto bearings in the size you need they are cheap and rated to 30 k on oil , used some in my quorn
Just some rambling thought for you to chuck out
The reason I'm shying away from the collet option is that the main use I wasn is drilling, and using ER collets to hold drills is frankly a pain in the butt because you have to change so much to move between drill sizes. I'm looking to use a keyed (rather than keyless) drill chuck for similar reasons - it would actually be more convenient when you look at how the thing is mounted and where you're putting your hands.
The other type you mention do not use feed back and rely as you say on PWM for control guess they are from RC planes or WHY
Good luck with the project I will be watching but please reconsider the use of a collet system