I think that this design would be a good place to start from:
https://hackaday.io/project/9319-diy-pick-and-placeBelt driven (5mm width or so), hiwin 2 contact 12mm wide rails, alu profiles.
This is what I would make of it:
For the Y axis 15mm hiwin 4 contact (HGR) bearing. Why? because it is pretty cheap, 4 contact and would allow the option to convert to small router or something like that.
For the X axis 35mm hiwin 4 contact (HGR) bearing. Why 35 mm? because the price difference is so low ... why not. 20-25mm would probably also be fine.
Instead of a small width belt the top design has and also my litplacer I would just put a oversized HTD 8M 30mm belt on it since it is not that much more expensive and will help to minimize backslash significantly.
For motors a 4 axis set of leadshine closed loop steppers. I have these on my cnc and they are great. I bought mine from ebay and they were not that much more expensive than a non closed loop stepper and leadshine driver. The encoder could be upgraded to 12 bit (is 10 bit std. , software supports 12bit).
Two motors on each of the y axis. Because 1. why not , 2. would allow possible cnc /... conversion.
For the head I would use (2 or 4 heads):
http://www.robotdigg.com/product/674/PNP+Machine+Nema11+Headsetwith the samsung cp45 nozzle / holder instead of the Juki one's. As these are better nozzles in my opinion and allow auto change without buying any special adapters / actuators. Just pull the nozzle off with z-movement.
The x-axis profile is 80x60 x 660mm 8E LP , y-axis profile 80x160 8E SP 500mm (can be sized-up if needed).
The 30mm HTD belt would be enclosed in the 80x60 / 80x160 tube. Chain-guides to handle all the wires/pneumatics going to the head.
Design a enclosure around the frame to block outside light as this greatly influences the vision performance.
Have diffused white leds in the c-profile's , bottom of x-axis portal and even on the enclosure to ensure a "even" lighting condition at the base.
One could even use a t-slot plate in the middle of the base to allow easy mounting of pcb fixtures and the likes
I would use off the self (whatever works / is affordable / easy to use) feeders for this system. Using something like the openfeeder or whatever greatly increases time and manufacturing cost.
Design a machine like that would cost the following:
2x 500 mm hiwin HG15R rail = 80 euro
2x HGW15CC blocks = 68 euro
1x 660mm hiwin HG35R rail = 85 euro
1x HGW35CC block = 73 euro
HTD 8M 30mm belt is 20 euro per meter (4kN max allowed force)
Using a t-slot base would probably cost around 100-200 euro when using ISEL brand.
4x closed stoop stepper + driver is probably around 400 euro
Stepper shaft couplers = 100 euro
Then you need various pulleys, screws, washers ... = 100 euro
led stips probably another 100 euro
laser cut pvc/lexan/ .. enclosure probably 100-200 euro
Tiny G or whatever driver board 100 euro
various alu / plastic milled adapter plates 200 euro (when doing a group buy / china)
Since there is good even light a reasonable up/down cam is good enough = 100-150 euro
China inductive endstops = 50 euro
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so for about 2000 euro ex tax via (all genuine parts) local webshop (relatively expensive)
A really reasonable base can be constructed. With some shopping around / leaving t-slot out / downsizing 35mm rail one could even subtract around 300-500 euro from this.
I do not think that adding (cheap) ball-screws would add much speed/accuracy to this system.
The closed loop stepper driver can go up to 65535 micro-stepping.
On my machine it is at the default value of 1024 or so and I get 0.1mm repeat-ability with ease on a much heavier machine. Without doing any tuning.
This machine would be higher spec than quite a lot of hobby cnc routers I have seen. Thus it could also be used for various other configurations.
A machine like this should be able to place 0402 / 0201 mechanically without much problems. Doing visual calibration once in a while should make 0201 imperial placement have a low error rate of <1%.
If one want more feeders the width of the machine can be increased or the 'C' profiles can be changed to something else and allow feeders to come from all four sides.
Software would be openpnp or the likes with possible modifications.