Wizard,
The brushless motor and controller are Hobby based (RC airplane hobby) so they are meant for batteries and varying voltages that come with multiple cell batteries. I'm not concerned with the stepper motor part of the conversion, or the motor mounting part....it's easy (at least for me).
The only unknown for me is the powersupply strictly for the RC brushless motor spindle. I doubt an unregulated supply would work with a speed controller that was designed for a regulated supply (battery).
PS:
I am very cheap and like projects, so yes I believe it is worth it for me to CNC the G0704 that I got for free using as much stuff as I allready have on hand to keep the cost as low as possible.