I have this need to make my drill press variable speed easer than doing pully changes. I have an old (1943) Walker Turner dp it is a bench top but by all means is no small machine. I have the low speed set up but it is real pain to swap belt positions. I was looking around at router speed controllers it seems like the perfect solution to get the low speeds I need easily. http://www.mlcswoodworking.com/shopsite_sc/store/html/smarthtml/pages/speed_control.html HD one seems to be perfect for what I have 2hp 115v motor on the DP. I am constrained on funds severely ( no job for 2 years now) so in the short term this seems to be doable.
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