The black bit with the handle on it is a cannibalised Machine Mart 1/2" air drill epicyclic gearbox for the reduction which then drives a spring loaded quick release chuck for the original tapping chucks that fitted the air head.
I didn't want to cut the air head up in case it all didn't work. Each size tapping chuck has an adjustable clutch unit built in so you can set it to suit the tap in question.
I did buy a very cheap Chinese set of tapping chucks to use but when I got them they don't have a clutch fitted but are direct drive. However the drive holder was the same so I was able to use this.
I'll probably ebay the original air tapping head as they are quite expensive.