Fred, you don't give your location, so I don't know if this will help.
The link goes to a very good motor for this sized machine:
http://tinyurl.com/yjj3hl3It's on ebay. I have two of them, one of which I use on a small lathe. They are 4" long and 3" diameter and weigh 4 pounds. It comes with a mounting flange, but it is easily removed with two bolts. I bought mine from the seller linked to above, but there may be other sources.
The motor needs a speed controller/power supply. I use an MC 60 controller, which also supplies power. It came out of a tread mill. You can find them on ebay also, and many web sites on the web that sell parts for tread mills. This controller runs the motor from about 100-5600 rpm with great torque at all speeds.
Dean