Looking for a router alternative.

Hi
I've got a fairly robust 48" x 60" router That I've built and I'm looking for an alternative to the router head I have now. The router is great for well ....routing but when it comes to drilling and milling on aluminum it leaves a lot to be desired. Ultimately I would like to be able to use the R8 tool holders from my mill . Grizzly has a 1/2" drill chuck that will attach to a 1/2" or 5/8" shaft. I have a 1HP 90V DC permeant magnet motor and I could mount that to it and mount the motor to my Z axis. That means I'll have to buy a motor controller but then I'll have a variable speed motor which is nice but I'm hoping someone has done something cooler.
I did some searches and could not come up with anything so I hope I'm not rehashing something that's been covered.


Thanks
Derek