yeah I actually agree, its a much better route to do the bearing spacers on a beetle spindle, for the reasons you mentioned. A spindle failure could be a disaster, and a bearing failure would suck, but you'll probably be alright.
But Adrian asked, and I had heard something so I shared.
I think the bearing spacer method is best, its the simplest method, and has the least probability of bad machining mistakes ruining parts.
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