I am working on building a precision spindle for my cnc router. You can read about the router here:
http://www.cnczone.com/forums/showthread.php?t=2249
The current 2.25 HP Porter Cable router on my cnc machine works well on plastics, wood and softer materials. However, milling aluminum shows the PC's weakness. I have ruined countless end mills due to chatter cutting aluminum.
SO.........I got the bright idea to try building a precision spindle based on 40 degree angular contact bearings. I chose 40 degree bearings based on the cost. I couldn't afford real spindle bearings! Hopefully they will work.
First I started with a ER-32 Collet extension I purchased from MSC. The collet holder is 1.5" dia, a little larger then 35mm. So, I chose 35mm angular contact bearings from McMaster with a 72mm outside dia. 2 of those will be mounted back to back at the collet end of the spindle. A 30mm roller bearing will be mounted at the top of the spindle to allow for maximum rigidity and belt drive.
Here is the finished collet holder turned to size and the bearings I will use.