Tom, You have described the setup exactly.
David, I have been using a cordless impact wrench (Bosch) for some time now, but it is still a pain when the collet doesn't eject on it's own. You have to set it down, find something to smack it, and then finish unscrewing the drawbolt.
Anyway, I decided to go with the second idea I posted . I had a piece of 4"x4"x3/8" angle iron, so I used that to make the brackets that mount under the belt cover, fastened with four 1/4-20 bolts. The uprights are 1/2-13 threaded rods, 11" long. The crosspiece is 1"x1" HRS, one end drilled 1/2", the other end notched to allow it to pivot out of the way if needed. I used nylon locking nuts to avoid having it vibrate loose, and only requires a small turn of the top nuts to release it.
I used a spring on the drill depth stop to keep the quill from returning fully, to avoid the drawbar from hitting the crosspiece, except when you push the spindle up fully to release the tool.
I drilled two holes in the cover for the threaded rods, don't look too closely at the pics, I didn't measure quite right, and had to hack up the holes to get them to fit... OOPS!
This won't allow the cover to be opened without taking the rods out first. I have a VFD, so it isn't necessary to remove the cover very often. Also, the one rod is too close to the number 4 pulley to use the belt on that position. Again, with the VFD, I don't foresee ever needing it.
If you don't have a VFD, you would need to cut a big slot in the cover, and mount the rod a bit further away.
I had to make a new drawbar 1 1/2" longer than the original to account for the Belleville washers (I used 6 in series, rated for about 650 lbs) and a 1" spacer to allow the spindle to travel fully. The washers are just slightly bigger than the spline in the pulley, which limited the travel to about 4" without the spacer.
It works just like in the video, a push on the handle, and the tool pops out. Push on the handle again, and insert the next tool.
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