Sean,
I was going to reply much earlier on this thread, but things got in the way and parts became irrelevant.
The 1" arbor that came with my machine has no keyway and I am not going to put one in that – or the 22mm arbor I made recently. Yours is only a one horse machine, if that. So I am in agreement with Rod. para
With cutters like slitting saws it can be better if the cutter can slip, should it jam, rather than the alternatives. Adding a full length keyway could cause the arbor to go out of true, so I would only consider a short keyway, if thought necessary. para
There is no real need for a shorter arbor, for a machine such as this, I would say. If you wanted to make something, you would perhaps be better making an alternative support bracket/bearing that could run on an inboard bearing? Or an arbor of different diameter? para
Making its own riser block to improve head space for a vertical head (when you find one) would be a useful addition.
Get a slab cutter, wide enough for your QCTP holders and any others that would help with that project. para Job lots of second hand cutters occasionally appear on epay, some of which might still be in fair condition and the right size for your arbor.
Edited By not done it yet on 13/07/2017 23:28:47