I've just seen this Instructable about how anyone can build a cotton buffing wheel with a very low investment of time and money. What do you think?
I think this set-up won't do you any good buffing a guitar. There simply is too much machine arround the buffing wheel. so the instrument will bump into it. Compare this to Frank's "Baldor the Great" ( http://frets.com/FretsPages/Luthier/Technique/Finish/Buffer/buffer....).
Best of luck!
If I were to consider this, I would see if I can mount the buffing wheel to the other side of my headstock, not over the rails, but over nothing. Perhaps a bolt could be run though the headstock and motor mount to hold the wheel in? Then you would have a ton of room to do what you want.
I was also thinking you could stick it out a few inches from the headstock, but it would probably be off-center and would wobble to the point of destruction.
One system I saw used hand-held drill held up by cables strung from the ceiling, with foam pads on the drill. They couldn't be dropped on the instrument, they just hung there, and seemed to be very mobile and very easy to manipulate.