Chris,
I'm not JUST saying run it without bearings but questioning why you are going to use a hardened spindle.
I have a couple of DH's etc -without bearings. No problems.
However, I questioned why you wanted a hardened spindle. My stuff follows a pattern of creative thought( not me but the designers)
My Vertex came with a blank face plate and a three jaw chuck that had a Myford thread( which is suitable for me) but it came with a decent through bore and a No2 MT bore. So I can:-
1. Fit Myford collets( Imperial)
2. Fit a No2 MT boring head, which bores but also does ball handles
3. Fit ER25 collets ( Metric really)
4. The Myford nose takes all the Myford goodies
5. The ER25's take my end mills and slot drills-- but go on the Clarkson for re-grinding
Re=grinding? Well, the Vertex also 'tips' into a 90 degree plane to act as a rotary table but does the 3 and 15 degree lands
Miner and I were prattling about 4 facet grinding as well.
Ok, it is getting a wee bit heady but the division plates on the George Thomas go onto the Myford headstock.
And of course, I have the micro adjustment to do damned near anything with holes.
Enough , eh? Well, enough for a dizzy old fart who was kicked out of school at 14 without a qualification.
Cheers
F O'M