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Budget Bowl Lathe

I salvaged an AC motor from an old water pump I found on the side of the road and want to use it to make a simple lathe for turning green wood bowls and cups.  I was thinking about using a floor flange as the face plate, a nipple for the shaft and pillow bearing blocks to support it.  This assembly would be driven by a v belt and controlled by the speed controller from a jig saw.  I attached pictures of the components and a simple cad drawing of the assembly.
Do you think this would be functional? Any recommendations?
 
 
 
 

Picture of Budget Bowl Lathe
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