From the lack of replies this is not exactly a HOT topic but I started it and I will finish it.
After some consideration I decided to use the mill to do most of the machine work. Once I had it on the RT I was able to mill the cavity, drill the holes for the LED's and drill the circuit board all with one set up.
Here I am milling the cavity.

Cavity complete.

Drilling the holes.

Circuit board ready for drilling. I used the point of center drill to peel a path in the copper to create the circuit board.

The holes for the leads were drilled with a # 67 drill. The spacing is .100" so I shifted .050", drilled 20 holes then shifted .100" and repeated the drilling.

This is a shot of beginning the assembly.

The power supply. It was once a charger for a cell phone. The output is 4.4 VDC which is near the 3.6 volt forward drop I needed for the LED's. To set the current at 20 ma. required a 2 ohm resistor. After two hours of use there was no detectable heating. I mounted the power supply in a mini enclosure that was then attached to the bottom of motor control enclosure.

I mounted the current limiting resistor on a four point terminal strip which I stuck to the side of the motor control enclosure. The AC to supply the power supply was picked up at the terminal strip that supplies the cooling fan transformer. The light comes on when the fan does.

Here is the light mounted around the spindle. It allows a clear view of the work piece.

This shot was taken at night with no other light on in the shop.

Since I had much of the material on hand (the nylon wheel for nearly 20 years) the total cost was a huge $11.80.
I am very pleased with the outcome of this little priject.
Joe