An interesting dilemma. Speed, accuracy, cheap, pick any two.
I'm going through somewhat the same thought process on my lathe which right now does not have spindle indexing capability, but does have live tooling. 7.5 KW (10HP) spindle, just to make it more interesting.
In your case, why not put the spindle motor of your choice on the spindle, any cheap motor would do for turning. Then a separate small servo motor with a timing belt drive, driving a large sprocket on the spindle. But the sprocket freewheels until you lock it to the spindle. The sprocket lock mechanism could be as simple as screwing in a bolt, pushing in a pin, or for full automation could use an automotive air conditioner clutch (those will transmit an immense amount of torque, around 10 HP worth). For additional holding power, you can always add a disk brake, motorcycle or go-cart parts.
For servos, take a look at DMM Tech products also.