While you could do that, you would then not be making a lot of use of the knee slide, nor the quill, which both happen to be there already, and you paid for it.
A VMC bedmill is pretty much what you have described, as these have no knee.
So if you are determined to go ahead, I think you might be better off to make a nice counterbalance system for the weight of the knee, and use a servo drive to power it up and down.
First you get good, then you get fast. Then grouchiness sets in.
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)