Tweakie,
Those motors have a RPM/V rating. The lower the number typically the more poles the motors have and the slower they run. I've seen some with 28 poles, which allows swinging a large prop by direct drive. So a motor like that might only need a small belt reduction ratio to be useful for milling. Also for small diameter carbide tooling you typically want high RPMS anyway, However I think the spindle loads should get carried by a separate set of bearings, not the motor bearings.