Bill,
I wouldn't bother with the clutch idea, it has a sort of safety feature because the probe isn't mounted solidly, a bit like a probe on a DTI, if any force at all is put on it, it just moves away.
What isn't there can't go wrong.
I don't know how fast you expect to run it, as when I run mine, having electronic speed control, I run it at around 20-30 RPM, otherwise I find my eyes can't keep up with the bouncing needle. I suppose a sign of getting old.
So maybe a speed reducer would be advantageous to people who can't get their machines to go so low, but in all honesty, it would be a pig to do while retaining concentricity, plus also it would be just liable to increase the overall length, a thing your version scores on.
People have said that they aren't very accurate, but in all honesty, in the time I have been using mine, I could never get anywhere as near to true as the coax gets it, plus the ease and speed of use is fantastic. I used to hate setting up to find concentricity, and started to grow a 2 foot long rubber neck to prove it (just joking of course, it was only 18") but now I really enjoy the complete control I have over the process.
I think Stew has now invested in one, and I think he has the same sort of feedback as myself.
John