To avoid too much bashing and possible bearing damage, you could try fitting a piece of tube, old scaffold pole or gas barrel, over the arbour as a spacer then use the nut that secures the cutter on the end of the arbour to form a sort of extractor.
By using the spacer and arbour nut to push against the face of the spindle, hopefully it should exert a straight and even pull on the arbour to help break the taper and not put any strain on the bearings.
Thinking about it you could use a combination of the existing arbour spacers, thick washer and a short piece of tube, as long as it clears the morse taper and abuts on the spindle face it should serve, Threaded pipe fittings can be a useful source of tube for spacers, cheap, easily available in a range of sizes, might need to face both ends first.
Good Luck!
Dave