smoking dawg makes an arbor that fits on the end of the motor shaft, easy pad swaps.
I have a similar setup on a 1725 rpm furnace motor, that happened to be laying on a shelf in my folks basement. It works great and is far easier to use than the variable speed drill I was using. I just put the motor into my bench mount vise, than it stores under my self when not needed. I only have a single shaft motor, so pad changes for different compounds means a quick change. I modified a large wing-nut so pad changes can be done with no tools.
I use Jestco for my pads, but they really last along time for pipe use.
http://www.jestcoproducts.com/index.php?act=viewCat&catId=11
Motor with my carnuba wheel (loose cotton). I use sewn cotton wheels for white diamond or plastic polish.